Pars Oil & Gas Company (POGC) plans to offer a $1.4bn bond by December to meet a funding shortfall for the development of its South Pars gas field.

Mohammad Hassan Mousavizadeh, senior adviser to POGC, says the company has already received permission from the state-run National Iranian Oil Company (NIOC) to issue the bonds, according to the state-run energy news agency, Shana.

Mousavizadeh says parliament now needs to approve the regulations relating to the bond issue, with an offer due in December.

In July, Iran said it would provide $1bn through the Currency Saving Account to fund phases 15 and 16 of the South Pars field (MEED 13:7:09).

The state-run Iranian Offshore Engineering & Construction is now developing phases 15 and 16.