Mohammad-Reza Akbari, representative of Petropars, made the remarks in a meeting attended by Petroleum Minister Bijan Namdar Zanganeh in Assaluyeh where the offshore giant gas reservoir is located.

Zanganeh also told the meeting that he has been focusing his attention on Phase 12 of South Pars, which is under development in 24 phases.

Economists say each phase of South Pars contributes one percent to Iran’s gross domestic product (GDP).

South Pars, which is shared with Qatar, expands on 9,700 square kilometers of land, 3,700 sq m of which is in Iran’s territorial waters.

The field is estimated to contain gas and gas condensate standing at 230 billion barrels of crude oil equivalent. Iran’s share contains 14 tcm of gas and 17 billion barrels of gas condensate in place. The recoverable reserves stand at 10 tcm of gas and 9 billion barrels of condensate.

Iran’s sector of South Pars makes up 50 percent of the country’s and eight percent of the world’s gas reserves.