Azernews.Az

The Managing Director of National Iranian Gas Company, Hamidreza Araqi, said that some $62 billion should be invested in the country's gas industry in the next five years.

He said Tehran needs to annually invest $10 billion in pipeline-laying in the next four years, Fars News Agency reported.

"There are many potential buyers for Iranian gas, so we need to provide the necessary infrastructure to boost gas exports," he added.

Araqi went on to note that currently 63 million Iranians have access to gas.

"The figure should reach 71 million or 94 percent of the country's total population by the end of the Iranian calendar year of 1396 (March 20, 20180," NIGC head noted.

Iran is the second-largest proved natural gas reserve holder in the world.

According to Oil & Gas Journal, as of January 2014, Iran's estimated proved natural gas reserves were 1,193 trillion cubic feet, second only to Russia.

Iran holds 17% of the world's proved natural gas reserves and more than one-third of OPEC's reserves. Iran has a high success rate of natural gas exploration, in terms of wildcat drilling, which is estimated at 79% compared to the world average success rate of 30% to 35%, according to FGE.

According to BP's latest yearly report, Iran's dried gas output is about 160 bcm, a little more than domestic consumption level.

Iran exported 7.5 bcm of gas to Turkey and imported 4.5 bcm gas from Turkmenistan in 2012, according to BP's report.