Speaking on Friday, October 8, Mr. Owji underlined the rich gas reserves in Bushehr Province, and said that about 50% of gas reserves and about 10% of Iran's oil reserves are in the province.

"During our visit to Bushehr Province, we will closely follow the completion of half-finished projects in oil and gas."

Stating that part of the refinery project of phase 14 of South Pars Gas Field would come on stream by the end of the current Iranian calendar year which began on March 21, he said: "Also, planning and studies of increasing pressure on various phases of South Pars will begin."

"Due to the drop in gas pressure in the field, we estimate that over the next six to eight years, we will have to invest about $22 billion to maintain gas production,” the Iranian Minister of Petroleum went on to add.