Total marks Iran return with South Pars gas deal

4 Jul 2017   France, Iran

The logo of French oil company Total is seen at a Total gas station in Paris, France, April 19, 2016. France’s Total signed a deal with Tehran on Monday to develop phase 11 of Iran’s South Pars, the world’s largest gas field, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it. Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent, and National Iranian Oil Co subsidiary Petropars with 19.9 percent. The project will have a production capacity of 2 billion cubic feet per day, or 400,000 barrels of oil equivalent per day including condensate, Total said in a statement, adding that the gas will supply the Iranian domestic market starting in 2021. The first stage of the South Pars development will cost around $2 billion, Total added. The […]

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