Total Signs Iran's First Major Energy Deal Since Curbs Eased
- French company’s CEO Patrick Pouyanne sealed deal in Tehran
- Partners to develop Iran’s share of world’s biggest gas field
Iran Plans to Sign a Formal Contract With Total
Iran signed a formal contract with Total SA 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.
The 20-year deal with National Iranian Oil Co. and China National Petroleum Corp. to develop phase 11 of the South Pars offshore gas field represents the “first of many” projects for Total in Iran, Chief Executive Officer Patrick Pouyanne said Monday at a signing ceremony in Tehran. Total will be operator of the project, with the first phase estimated to cost the partners about $2 billion. Iran’s Oil Minister Bijan Namdar Zanganeh put the overall value of the contract at about $5 billion.