BAKU, Azerbaijan, December 8. The reduction of investments in energy security around the world may become a potential threat, Iranian Minister of Oil Mohsen Paknejad said at a meeting of energy and oil ministers of the Gas Exporting Countries Forum (GECF) member countries in Tehran on December 8, Trend reports.
According to him, medium and long-term investments in the gas sector are expected to increase. Considering the special role of the Gas Exporting Countries Forum in the global gas market, members are expected to work collectively to protect their investments. The development of gas reservoirs of the forum member countries can be considered an effective step towards achieving a green economy and guaranteeing global energy security.
Paknejad noted that it is necessary to strive to ensure that natural gas receives full international support in the framework of achieving sustainable development peace in a coordinated manner through the forum's secretariat. Despite the imposition of sanctions on the oil and gas sector as one of the world's largest gas producers, Iran has made valuable achievements by developing the necessary infrastructure to increase its production.
The 26th ministerial meeting of the three-day Gas Exporting Countries Forum began in Tehran on December 6.
Iran is considered the world's second largest gas reserve country with about 34 trillion cubic meters of gas reserves. Presently, 22 gas fields are operating in Iran.
To note, Iran's gas production averages 1 bcm per day. Iran's gas consumption increases to about 800 million cubic meters per day in winter.