TEHRAN -- The largest phase of the giant South Pars gas field will come on stream by October 2012, the managing director of Pars Oil and Gas Company (POGC) said here on Thursday.

IRNA news agency quoted Mousa Souri as saying that, “the 12th phase of the South Pars gas field has the capacity to produce 84 million cubic meters of sour gas per day.”

He added that 38 percent of the phase 12 of the South Pars gas filed has been completed and onshore and offshore gas refining installations of the phase are due to become operational next year, Press TV reported. 

Known as the world’s largest gas field, South Pars holds an estimated 50.97 trillion cubic meters of in situ gas and some 50 billion barrels of condensates. 

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 Qatar’s territorial waters. 

Iran has the world's second-largest reserves of natural gas (15 percent of the world's total). It contains an estimated 974 trillion cubic feet (Tcf) in proven natural gas reserves. About 62 percent of these reserves are located in non-associated fields.