Total inks deal for Iran’s South Pars field

摘要

London—National Iranian Oil Company (NIOC) Tuesday signed a provisional agreement with a consortium led by France’s Total to develop part of the huge South Pars gas reservoir, signaling Iran’s commitment to opening up its energy sector to international oil companies following the lifting of sanctions in January. Total has signed a $4.8 billion Heads of Agreement with NIOC to develop phase 11 of South Pars, the world’s largest gas field, and will have a production capacity of 1.8 Bcf/d, or 370,000 b/d of oil equivalent. The gas will be fed into Iran’s gas network.