TEHRAN – The offshore section of giant South Pars gas field’s phase 12 is now 41 percent complete, the project manager of phase 12 said here on Monday.

SHANA news agency quoted Gholam-Hossein Taqipour as saying that, “The phase 12 is estimated to come on stream by 2012 at the cost of $1.4 billion.”
According to the official, Petropars Company as the employer will fund some of the needed amount and the rest will be financed by the company’s foreign partner.
Phase 12 field is the south eastern block of the South Pars gas field and is on the border with Qatar, covering an area as much as 150 square kilometers in area. With some 35 trillion cubic feet of gas deposit, SP12 block contains almost seven percent of South Pars gas field's estimated gas content.
The South Pars gas field is located in the Persian Gulf. It is the world’s largest gas field, shared between Iran and Qatar.
The gas field covers an area of 9,700 square kilometers, of which 3,700 square kilometers (South Pars) is in the Iranian territorial waters and 6,000 square kilometers (North Dome) is in the Qatari territorial waters.
According to International Energy Agency, the field holds an estimated 50.97 trillion cubic meters (1,800 trillion cubic feet) of in-situ gas and some 50 billion barrels of condensates