According to documents prepared by the oil ministry and obtained by NGE in mid-March, South Pars produces a little less than half of Iran's total raw gas, meaning Iran's total raw gas production was above 260bn m3 in the last fiscal year.

Eni has already developed phases 4 and 5 of the South Pars gas field as well as two phases of Darkhovin oilfield. It has shown interest in developing Iran’s North Pars gas field and also the third phase of Darkhovin oilfield.

Iran needs $20bn to develop the remaining phases of the South Pars gas field, energy minister Bijan Namdar Zanganeh said

South Pars, divided into 29 development phases, contains 40 trillion cubic metres (tcm) of natural gas. It covers an area of 9,700 square kilometres, of which 3,700 square kilometres are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometres are situated in Qatar’s territorial waters. The gas field is estimated to contain about 8% of the world’s reserves, and approximately 18 billion barrels of condensate.

Iran’s natural gas production has reached 660 million cubic meters per day (mcm/d) and the country is expected to increase this volume to 760 mcm/d by next spring.

Iran has launched the main phase of the offshore South Pars gas field. President Hassan Rouhani, who attended the ceremony for the Phase 12, said that it is the country’s biggest gas industry project.

The Managing Director of Bank Mellat, Iran’s biggest private bank, has announced that the institution will invest $7 billion in the development of South Pars gas field, Iran’s largest resource holding some 30 percent of the country’s total proved gas reserves.

The main phase of the massive offshore South Pars gas field will be producing more than 60 mcm/d of gas before the start of winter, an official with Petropars company said.