The NIOC deputy chief for development and engineering affairs added the projects are aimed at increasing the country’s oil and gas output.

Similar projects worth $33 billion will be also implemented in the future, Reza Dehqan continued.

Making the remarks in the NIOC-Insurance Companies Forum, he said Iran’s oil and gas production capacities will reach 5.5 million barrels per day (bpd) and 1.5 billion cubic meters per day (bcf/d) respectively from current 4m bpd and 1 bcf/d by 2029.

To that end, it is necessary to invest $160 billion, two-thirds of which should be funded by foreign investors, he explained.

The development of Phase 11 of the South Pars gas field is among the most important projects, mentioned Dehqan, adding this phase’s production started after a 20-year delay last month.

According to the NIOC official, a $2.4 billion investment is needed for completing the development of Phase 11.

He pointed to future investments, namely $500 million for completing wells of other phases, $1.1 billion for drilling 35 wells in the South Pars gas field, and $15 billion for launching gas compressor stations in the South Pars field.

The development of the first phase of Kish, Balal, and Farzad B gas fields with $930 million, $440 million, and $1.8 billion investments respectively was also mentioned by the official.

Totally $22 billion have been invested in the underway projects for boosting the country’s gas output, said Dehqan, continuing that some $20 billion projects have been also invested in ongoing projects for increasing oil production.

He stated 100 investment opportunities in oil and gas industry will be offered in a couple of weeks.