December 3, 2016

DONALD WHO?:

Will Total deal pave way for other oil majors' return to Iran? (Al-Monitor, 12/01/16)

French energy giant Total SA is back in Iran, six years after it was forced to halt its operations due to nuclear-related sanctions on Tehran. Leading a consortium with China National Petroleum Corp (CNPC) and Petropars, the company signed a heads of agreement with the National Iranian Oil Company (NIOC) worth $4.8 billion to develop phase 11 of the giant South Pars natural gas field. The project is expected to produce 2 billion cubic feet of natural gas per day. The preliminary agreement, due to be finalized by early 2017, gives Total a 50.1% stake. Other consortium members CNPC and NIOC subsidiary Petropars will take 30% and 19.9%, respectively.

The gas field, which is divided into 29 development phases on the Iranian side, is the world's largest.

Posted by at December 3, 2016 7:07 AM

  

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