The Iranian president's special representatives for oil affairs has announced that the government has allocated $29.48 billion of the National Iranian Oil Company's revenues for the South Pars gas field development plan.
The funds are to be invested in phases 13, 14, 19, 20, 21, 22, 23, and 24 of the South Pars gas field.
The plan for these phases is to be implemented over a period of 35 months.
The South Pars field is a gas condensate field located in the Persian Gulf. It is the world's largest gas field and is shared by Iran and Qatar. According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates.
Iran has the world's second-largest reserves of natural gas and third-largest reserves of oil.