Iran plans to invest $18 billion by 2015 to boost output the oil-rich south and expects its Yadavaran field to start production in a few months, the Iranian Oil Ministry's website Shana said on Sunday.
Opec's second largest producer, which again rejected calls for a co-ordinated production increase on Saturday, pumped a near-capacity 3.6 million barrels of crude a day (bpd) in June. US sanctions over Tehran's disputed nuclear programme have prevented western firms from investing in the Islamic Republic and dampened Chinese enthusiasm for tapping some of the world's biggest oil and gas reserves.
Tehran warned China National Petroleum Corporation in June it would cancel a deal to develop Iran's South Pars gas field if CNPC continued to delay the project.
The majority of the $18-billion spending plan to 2015 will now be met by Iran, the country's deputy oil minister said in a ministry news note published on Sunday, adding that about $3 billion would be spent on southern projects by next March.
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