(MENAFN) Iran's Oil Minister, Rostam Qasemi, stated that the country's income from shared natural gas fields will grow to USD400 billion on annual basis, once they are operational, reported Xinhua News citing Press TV.
Qasemi said that the Republic's gas output would be equivalent to that of Qatar after the completion of all the phases of South Pars field, which can produce 770 million cubic meters of gas.
The gas field, the largest in the world, covers an area of 9,700 square km, of which 3, 700 square km is in Iranian territorial waters and called South Pars, whereas the remaining 6,000 square km is in Qatari territorial waters and is referred to as North Dome.
The South Pars field has an estimated 51 trillion cubic meters of in-situ natural gas, in addition to around 7.9 billion cubic meters of natural gas condensates, according to the International Energy Agency (IEA).
It is worth noting that the Islamic Republic has 27 discovered shared fields, of which 24 are either active or are being developed.