President Raisi launched the project, termed as the National Iranian Oil Company (NIOC)’s most strategic and important projects, in Asaluyeh port city in the southern Bushehr Province.
During the ceremony, the head of the NIOC Mohsen Khojasteh Mehr said the project will generate an income of $5 billion a year once it is fully developed.
South Pars Phase 11 is tipped to produce 56 million cubic meters of gas, 50,000 barrels of gas condensate and 750 metric tons of sulfur per day.
The drilling operations at the South Pars gas field started in 1996 and phases 1 to 10 of the field were launched by the end of 2009, but the project hit snag and was halted.
Iran’s Petropars Company and indigenous experts took up the project at South Pars Phase 11 after France’s Total and China National Petroleum Corp (CNPC) shirked their responsibilities to develop the field due to US embargoes.