TEHRAN, Iran, October 24. Iran is likely to reduce production from its gas fields by 50 percent in the next five years, said a member of the energy commission in the Iran Chamber of Commerce Hamidreza Salehi, Trend reports citing ILNA.
Iran requires investment in its gas fields to produce and preserve the gas fields otherwise the production would be reduced by half in the next five years, he said.
He pointed out that gas and power supply cuts in industrial sectors would affect production and export while rising gas consumption in the household during winter would lead to a lack of balance.
"Iran has immense gas reserves and needs investment to utilize them rather than returning to coal and fossil fuel consumption," he noted.
The official has underlined the possibility of Iran exporting gas from Turkey and Azerbaijan routes to Europe that could finance unfinished projects and investment in the gas sector.