Total SA has announced it will not go ahead with its South Pars Gas Project (SP11) unless it is granted a specific project waiver by the United States, along with support of the French and European authorities, The French major said in a Wednesday press release . The contract for the SP11 contract was signed in July 2017, and Total will unwind all operations related to the project by November 4, 2018, unless the waiver is granted. Total’s announcement is in line with previous claims that it may be unable to conduct business in Iran should the US bow out of the Iran nuclear deal and levy sanctions against Iran. Sunk costs for Total as relates to its 50.1 percent stake in the project amount to roughly 40 million euros, according to its press release, but previous reports are that Total has sunk about $90 million into South Pars. […]