Iran plans to invest some $13 billion to develop the remaining phases of the giant South Pars gas field, PressTV reports quoting the head of Pars Oil and Gas Company (POGC) Ali Vakili.
He also mentioned that the Iranian Oil Ministry would use oil revenues and foreign investments to finance the gas filed that is in joint possession of Iran and Qatar.
The Iranian share of the field produces some 14 trillion cubic meters of gas, which accounts for about eight percent of the total world gas reserves.
Last month, Iranian Oil Minister Masoud Mirkazemi declared that when all phases of the South Pars field become operational, the annual revenue of the field will reach $100 billion, raising Iran's gas output to 1.1 billion cubic meters per day.
Known as the world's largest gas field, South Pars holds an estimated 50.97 trillion cubic meters (1,800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.
The gas field covers an area of 9,700 square kilometers, of which 3,700 square kilometers (South Pars) is in Iranian territorial waters and 6,000 square kilometers (North Dome) is in Qatar's territorial waters.
Iran to invest $13bn in South Pars
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