Iran Needs $4.6 bn to Boost Output to 1.3 bcm by March 2016

Iran needs about $4.9 billion of investment in its gas sector to boost output to 1.3 billion cubic meters by March 2016, the Shana news agency quoted National Iranian Gas Company's managing director Javad Owji as saying.

Iran plans to increase gas production from the giant offshore South Pars field to 800 million cubic meters a day by 2016, higher than Qatar's output of 550 million-560 million cu m/d from the shared field.

The news agency also reported that drilling of the third appraisal well at South Pars gas field’s phase 14 has started. According to plans to drill four appraisal wells are to be drilled of which drilling of two wells have been completed.

Iran's total gas production currently stands at 650 million cu m/d.