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Iranian Oil Minister: Total Officially Withdraws From Iran's Largest Natural Gas Field Project

- Aug 21, 2018 -

According to Iran’s oil minister Zanjane on the 20th, the French energy giant Total has officially withdrawn from the agreement to develop the 11th phase of the Iranian South Pars gas field.

The total has previously announced that due to the US decision to withdraw from the Iranian nuclear agreement and restart sanctions against Iran, if the company cannot obtain the US government-related exemptions, it will end all activities related to the above projects by November 4 this year.

The official Iranian media quoted Zangane as saying that the Iranian side is looking for a partner to replace Total.

In July 2017, France Total, China National Petroleum Corporation, and Iranian National Oil Company signed a cooperation agreement in Tehran to jointly develop the 11th phase of Iran's South Pars gas field. According to the agreement, Total is the operator of the project, holding 50.1%, PetroChina holding 30%, and Iran National Oil Company holding 19.9%. The project has a mining and operation period of 20 years and a total investment of 4.8 billion US dollars.

Located in the Persian Gulf, the South Pars gas field covers a total area of approximately 9,700 square kilometers and is the world's largest natural gas field, jointly owned by Iran and Qatar. The 11th project of the South Pars Natural Gas Field was the first transaction between Western companies and Iran in the oil and gas field after the signing of the Iranian nuclear agreement in 2015.