Peyman Sa'adat told a commercial conference that the deal guarantees safety of investment in Iran.
NIOC signed a contract on July 3 with a consortium comprising Total, China's CNPC International and Petropars Company for developing the project in Persian Gulf waters.
The envoy said the EU has taken a strong anti-US stance regarding the Joint Comprehensive Plan of Action (JCPOA) which is a promising sign for bolstering Iran's international investment and interactions.
Addressing Luxembourgian businesspersons, Sa'adat said they need to visit Iran more often to closely witness safety of Iran and hospitality of the Iranians.
A growing number of foreign delegations make treks to Iran these days and those who take the first steps in investing in the country will gain the most over others, he added.
South Pars Phase 11 is being developed for production of 2 million cubic meters of natural gas.
Total will operate the project with a 50.1% interest alongside Petropars (19.9%) and the CNPC (30%). The consortium is expected to produce around 50 million cubic meters of gas per day from the offshore reserves of SP. 11 project.
During 20 years of gas extraction under the contract, an estimated volume of 335 billion cubic meters of rich, sour natural gas will be produced from the phase with 290 million barrels of gas condensate, 14 million tons of liquefied petroleum gas (LPG), 12 million tons of ethane and 2 million tons of sulfur as well as 315 billion cubic meters of light sweet gas.
The energy carriers to be produced by the project are estimated to be valued at more than $54b considering the current prices.
Preliminary production from the project will begin from the project 40 months after signature of the contract. Considering the intricacy of construction of pressure boosting facilities, 36 months has been allocated to studies and 60 months for platform construction under the contract.
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