Global Media

Iran, Consortium Sign Petroleum Contract

Iran, Consortium Sign Petroleum Contract”

The French energy firm Total says it has signed a multibillion-dollar agreement with Iran on the development of an Iranian offshore natural-gas field - the first major Western energy investment since global sanctions were lifted against Tehran under its nuclear accord with world powers.

He made the remarks after a consortium led by Total struck a $5 billion agreement with Iran to develop its giant South Pars gas field. The 20-year deal gives Total a 50.1% stake in the project, with China National Petroleum 30% and Iran's Petropars at 19.9%. He also held out a hand to U.S. oil companies, saying his country needs US$200 billion of investment in its oil industry in the next five years to make up for time lost during sanctions.

The offshore South Pars gas field is Iran's section of the world's largest gas deposit, which it shares with Qatar.

Iran has the second-largest gas reserves and fourth-largest oil reserves in the world, but has estimated it needs towards $200bn of investment to revive its rundown energy sector over the next five years.

Iran expects to produce as much as 56 million cubic meters per day of natural gas from the field once it is in full swing.

Total has a 50.1-percent share in the new Iran deal.

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South Pars 11 will be developed in two phases. Production from the project will be 2 billion cubic feet of gas a day, or 400,000 barrels of oil equivalent a day including condensate, the company said in a news release.

USA sanctions remain on Iran over terrorism, weapons and human rights, prohibiting deals with American companies like Exxon Mobil Corp. and Chevron Corp., but European companies can still try to make a deal work.

Current US President Donald Trump is still reviewing the sanctions against Iran, as his administration has maintained that Tehran is linking nuclear enrichment to its ballistic missiles.

Since signing the heads of agreement last November, Total has been conducting engineering studies on behalf of the consortium and initiated calls for tender in order to award the contracts required to develop the project by the end of the year.

Pouyanne, for his part, stressed the importance of making efforts to implement the deal and expressed hope that it would prepare the ground for further cooperation among Iran and other European companies.

The Boeing sales represent the first major deals for an American company in Iran since the 1979 Islamic Revolution and US Embassy takeover.

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