When all phases of the South Pars field become operational, the annual revenue of the field will soar to $100 billion, raising Iran's gas output to 1.1 billion cubic meters per day, Press TV reported.
Iranian Oil Minister Masoud Mirkazemi made the remarks at an oil conference in Iran, SHANA news agency reported on Saturday.
Stressing on the need for attracting foreign investment in the oil industry, the minister said that the oil ministry's resources alone can not meet the country's developmental needs, while adding that Iranian and foreign companies could finance energy projects or help acquire the required sources for the oil industry's undertakings.
He added that many Iranian firms are willing to cooperate in oil and gas projects but do not know the procedure and they are never asked to participate in such plans.
Mirkazemi said that the legal department of the ministry is tasked with organizing small and large resources from local and foreign companies, willing to invest in energy projects, in order to provide the needed investment for upstream and downstream sectors as stipulated in the Fifth Five Year Development Plan of Iran.
Earlier in the week, Iran announced it would issue $500 million in bonds to finance the development of South Pars gas field.
South Pars is a natural gas condensate field in the Persian Gulf, shared between Iran and Qatar.
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 Iranian share of the field has reserves of about 14 trillion cubic meters of gas, which accounts for about eight percent of the total world gas reserves.
This 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.
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