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."
The 9,700km² South Pars project is being developed in 30 phases. Iran owns 3,700km² of it in the Persian Gulf, while the remaining lies within the territorial waters of Qatar.
Each phase is estimated to require an initial investment of around $1bn.
The first 12 phases of the development are underway and will have a capacity of one billion cubic feet and 40,000 barrels of condensate a day.
Featruing 40 trillion cubic metres of natural gas, the gas field is estimated to house around 8% of the world’s reserves, and approximately 18 billion barrels of condensate.
