EnergyWatch

Total to sign milestone Iran gas deal since sanctions eased

Total is planning to a sign a formal contract with Iran this Monday for the development of the country's share of the world's largest natural gas field. Under the preliminary November accord, Total will control 50.1 percent of the project.

Photo: Milad Payami - Statoil

Iran plans Monday to sign a formal contract with Total SA and China National Petroleum Corp. to develop its share of the world's biggest natural gas field – the first investment in the country by an international energy company since sanctions were eased last year.

Total and CNPC signed a "heads of agreement" with National Iranian Oil Co. in November to develop phase 11 of the South Pars offshore gas field, a deal that was valued then at USD 4.8 billion. Total Chief Executive Officer Patrick Pouyanne will be in Tehran for the signing of the formal agreement, Parastoo Younchi, the Iranian oil ministry official in charge of foreign media relations, said Sunday.

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