Mohsen Khojastehmehr, Managing Director of the National Iranian Oil Company (NIOC), says that the firm plans to invest $11bn in developing its offshore gas reserves. Speaking on 11 November, Mr Khojastehmehr did not give a timeframe for the planned investments in remarks carried by state news agency Shana.

The investment is intended to boost gas output by 240mn m³/d (8.5bn cfd) and includes development of the Kish gas field and North Pars with NIOC intending to invest $4bn at the latter. Mr Khojastehmehr last month said Iran’s production this winter will average 940mn m³/d (33bn cfd), of which around 70% is from the offshore. (CONTINUED - 122 WORDS)