The U.S. government has agreed to keep the International Space Station flying until at least 2024, four years longer than the previous agreement, according to a report by Reuters.

The Obama administration could give NASA more time to develop the technologies required for "eventual human missions to Mars," according to Reuters. A mission to Mars has been the long-term goal for NASA for a while now and the ISS could help the U.S. get there quicker.

By keeping the station in outer space past the original 2020 deadline, a window of opportunity for companies and researchers has opened up to benefit off the $100 billion investment.

"Ten years from today is a pretty far-reaching, pretty strategic-looking vision," NASA Associate Administrator Bill Gerstenmaier told reporters during a conference call, according to Reuters.

ISS operates 250 miles above Earth, according to NASA. It costs approximately $3 billion a year to keep the station functioning, with about have of the total going towards transporting crew and cargo, according to Reuters.

Construction on the ISS started in 1998. It has been permanently staffed by a rotating crew of cosmonauts and astronauts since 2000.

"This extension opens up a large avenue of research onboard station. It also changes the perspective for the commercial (transportation) providers. Now they can see a market that extends to at least 2024," said Gerstenmaier.

The extension isn't a U.S. decision alone however, as they have to talk to their partners about it as well. The U.S. is "prepared to do what we have to do" if partners like Russia, Europe, Japan and Canada chose to take "a different path."

At the end of its stay, the ISS will be steered down into atmosphere, where it will "incinerate" according to NASA. Debris won't affect populated locations as re-entry will take place over an unidentified ocean.

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