Iran is planning to increase daily oil production to 750mcm from the South Pars field, jointly operated with Qatar, once the new phases are implemented, according to Press TV. “At this level of production, Iran will certainly surpass Qatar in terms of daily production and treatment of gas from the field,” Pars Oil and Gas Company’s (POGC) Managing Director, Ali Akbar Shabanpour, said. Iran’s Oil Minister, Bijan Namdar Zanganeh, recounted the development plans for post-sanctions era, reassuring that Iran would reach the same daily production rate with Qataris from the joint South Pars gas fields within two years, Qatar Day informed.

Phases 12, 15 and 16 of the South Pars field are already in operation, while Phases 17 and 18, currently producing more than 30mcm of gas, are scheduled to come to full capacity by the next Iranian calendar year, as of mid March 2016, Mehr News Agency wrote.

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