Iran has invited German firms to participate in South Pars gas field development project, to facilitate gas exports to Europe.

The South Pars project is being developed in 29 phases and covers an area of 9,700km². 3,700km² of this is located in Iran’s territorial waters in the Persian Gulf, and the remaining in Qatar.

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The gas field, which features 40 trillion cubic metres of natural gas, is expected to feature around 8% of the world’s reserves, and approximately 18 billion barrels of condensate.

"German companies had considerable participation in these development plans before the imposition of sanctions against Iran, and the possibility for a renewed participation and investment is on the horizon."

The field’s main phase that started operations in March enhanced the country’s gas production capacity by 100cm/d.

The development phases, 15 and 16, are expected to start operations in June this year, reported Press TV.

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They are estimated to produce 50 million cubic meters a day of natural gas, 80,000 barrels a per day of gas condensate.

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Iranian Deputy Minister of Industry, Mine and Trade Mojtaba Khosrotaj was quoted by Mehr News Agency as saying that Iran was ready to participate with and invest in German companies on South Pars development projects.

Khosrotaj said: "German companies had considerable participation in these development plans before the imposition of sanctions against Iran, and the possibility for a renewed participation and investment is on the horizon."