TEHRAN- The exports of gas condensate from Iran’s South Pars gas field hit $1.088 billion during the first two months of the current Iranian calendar year (March 20-May 20, 2016), according to a report by Iran Customs Administration.

The figure shows 14.68 percent fall compared to the same period of time last year, the IRIB news reported on Monday.

“Exports from South Pars gas field have witnessed an upsurge as of the implementation of the nuclear deal between Iran and the P5+1 and the upward trend will be continued specially after having the international banking embargo entirely lifted,” Customs Director General of the Pars Special Economic Energy Zone (PSEEZ) Khodadad Rahimi said on April 26.

South Pars field, which Iran shares with Qatar in the Persian Gulf, is estimated to contain a significant amount of natural gas and condensate, accounting for about eight percent of the world’s reserves.

The huge offshore field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar’s territorial waters.

By Tehran Times