Azernews.Az

Three phases of Iran's South Pars gas field will come on stream in the current Iranian calendar year, which began on March 21, Tasnim news agency quoted Iranian Oil Minister Rostam Qasemi as saying.

The phases 12, 15, and 16 will be tapped in the current year, he said.

Once the three phases start production, the country's gas output will increase significantly, he noted.

The managing director of Pars Oil and Gas Company Mousa Souri said in September 2012 that the three phases are projected to produce 25 million cubic meters of gas per day.

Souri said that Iran can earn $8 billion in revenues from every phase of the South Pars gas field.

He noted that the gas field accounts for eight percent of the global gas reserves, adding that the development of every one of the 24 phases of the gas field can cause a one-percent growth in the national economy.

Iran is currently producing 300 million cubic meters per day of gas from South Pars.

The country, which sits on the world's second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investments, especially in the South Pars gas field.

The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf.

The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar's territorial waters.

The Iranian gas field contains 14 trillion cubic meters of natural gas and more than 18 billion barrels of LNG resources.