EnergyWatch

Iran, Total expect to sign biggest gas-field deal in weeks

Iran has the world's biggest gas reserves and is the third-biggest oil producer in the Organization of Petroleum Exporting Countries. Total expects to sign a contract with Iran to develop part of the world's biggest natural gas field in the next few weeks.

Photo: Milad Payami - Statoil

Iran and France's Total SA expect to sign a contract to develop part of the world's biggest natural gas field in the next few weeks in what would be the Persian Gulf country's first investment by an international energy company since sanctions were eased last year. 

Total and China National Petroleum Corp. signed a "heads of agreement" with National Iranian Oil Co. in November to develop phase 11 of the South Pars gas field, a deal that was valued then at USD 4.8 billion. Total Chief Executive Patrick Pouyanne told Euronews television on Tuesday that the company will sign a contract for the offshore gas project in the next few weeks.

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