Azernews.Az

TEHRAN – A top Iranian energy official says Iran plans to invest more than USD 38 billion in its gas projects by the end of the country's Fifth National Development Plan (2010-2015), PressTV reported.

Iranian Deputy Oil Minister Javad Oji said that Iran's natural gas production capacity will grow two-fold by 2015 as a result of the major investment, SHANA news agency reported.

According to British Petroleum's latest report, titled the Statistical Review of World Energy, Iran's natural gas production posted a 5.6 percent increase to settle at 138.5 billion cubic meters in 2010.

Iran, which has the world's second largest natural gas reserves after Russia, is trying to increase its gas production by encouraging foreign and domestic investments in its gas sector, especially in South Pars gas field.

South Pars covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iranian territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar's territorial waters.

The Iranian gas field has 14 trillion cubic meters of natural gas -- about eight percent of the world's reserves -- and more than 18 billion barrels of liquefied natural gas (LNG) resources.

Iran is also the world's fourth largest oil producer.