Azerbaijan, Baku, Aug.26/ Trend F.Karimov/
Iran's Petropars Company has signed a contract, valued at $5 billion, with the National Iranian Oil Company (NIOC), to implement the development project of the phase 11 of the country's South Pars gas field, the Mehr News Agency reported.
Iran dismissed France's Total from the phase 11 of the South Pars gas field in 2009 following a decade-long delay in recovering the field's biggest gas layer.
Tehran signed a $4.7-billion contract with China National Petroleum Corporation (CNPC) in 2009 to help develop the phase 11 of the South Pars, replacing France's Total SA.
Iran commissioned the development of Phase 11 to CNPC after France's Total and Malaysia's Petronas pulled out.
In December 2012, Iran warned it would cancel its contract with China for developing the phase 11 of the South Pars due to foot-dragging by the CNPC.
The phase 11 is projected to yield 2 billion cubic feet of sour gas and 80,000 barrels of as condensates per day.
Iran is currently producing 300 million cubic meters per day of gas from the South Pars.
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, which is divided into 29 phases, contains 14 trillion cubic meters of natural gas, about eight percent of the world's reserves, and more than 18 billion barrels of LNG resources.