Azerbaijan, Baku, May 02/ Trend F.Milad/
The Iranian Offshore Oil Company (IOOC) will raise gas output by 570 million cubic feet this calendar year, which started on March 20, the IOOC's managing director said.
"Some $25 billion worth of projects are underway which will increase gas output by 4 percent," Mahmoud Zirakchainzadeh said, the Shana News Agency reported.
Zirakchianzadeh said on March 5 that the company will sell 10 trillion rials (some $820 million) in bonds to finance the development of offshore oilfields.
Oil Minister Rostam Qasemi has said that the country plans to raise oil production to more than 4 million barrels per day (bpd) within two years and increasing it to 5 million bpd by 2015.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.