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Iran, holder of the worlds largest natural gas reserves, plans to double production of the fuel to 1 billion cubic meters a day by 2017, largely on output from the South Pars field, the head of its state-owned gas company said.

Iran produces as much as 550 million cubic meters of gas a day, and work on four phases of South Pars will add 100 million cubic meters by March, Hamid Reza Araghi, managing director of National Iranian Gas Co., said in an interview in Tehran.

Our forecast is that during the winter this year our production will reach 680 million cubic meters, including output from fields other than South Pars, he said yesterday, without identifying the additional deposits. Over the next three years, our plan is to increase production to 1 billion cubic meters per day.

Irans economy is hampered by international sanctions imposed over its nuclear program. Revenue from crude exports has plunged since 2012, and financial woes at NIGC have complicated the nations efforts to develop its gas resources. Iran is seeking a removal of the curbs on foreign investment in its energy assets as a Nov. 24 deadline for nuclear talks with the U.S. and other world powers looms.

The Persian Gulf country plans to achieve its gas target for 2017 even if sanctions stay in place, Araghi said. South Pars, together with Qatars North Field, comprises the worlds biggest gas deposit.

Iran exports 30 million cubic meters of gas a day, mostly to Turkey, and has signed an agreement to start supplying power plants in neighboring Iraq by April, he said. Exports to Iraq are due to increase to 25 million cubic meters a day in three years, he said.

Right now we only have a contract to supply Baghdad, Araghi said. Iran is able to expand supply to include buyers in Iraqs southern Basra province and the countrys northern Kurdish region, depending on the outcome of talks between the two governments, he said.

Iran isnt concerned by the deterioration of security in Iraq, as those are matters for Iraq, he said. We will be ready to export gas if they can be ready to receive it from us. If they cant, then we can use it for our own supply needs.

Iran also has a $1.3 billion contract with neighboring Pakistan to supply that country with 21.5 million cubic meters of natural gas a day. The project has been on hold as Pakistan has failed to build its section of a shared pipeline because of a lack of funds.

NIGC has restructured its finances since running up debts to banks and contractors under Irans previous government, Araghi said, without providing financial details. State-run Mehr news agency reported last November that the company declared bankruptcy with more than 100 trillion rials ($4 billion) in debt.

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Iran Seeks to Double Gas Output Amid Sanctions, Official Says