The president arrived in Assaluyeh, southern province of Bushehr, hours earlier to officially inaugurate the Phase 11 gas project.

Phase 11 is the farthest border section of South Pars gas field Iran shares with Qatar in the Persian Gulf.

On Sunday, the National Iranian Oil Company managing director said the Phase 11 development project was implemented by NIOC under the 13th (incumbent) administration after a 20-year hiatus.

Mohsen Khojastehmehr added 24 wells will be drilled and 56 million cubic meters of gas and one million tons of ethane per day as well as one million tons of liquefied petroleum gas (LPG) per annum will be produced when the Phase 11 project is fully implemented, predicting that its production will fetch the country $5 billion annually.

Phase 11 is the last phase of the South Pars field, whose development is in progress, mentioned the official.