$TOT Total's commitment to Iran's South Pars g
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Posted On: 08/13/2018 11:10:05 AM
$TOT
Total's commitment to Iran's South Pars gas field unchanged, official says
A senior Iran energy official says a development contract with France’s Total (NYSE:TOT) for the South Pars natural gas field remains unchanged despite renewed U.S. sanctions, just hours after state news agency IRNA quoted him as saying China National Petroleum Corp. (NYSE
TR) had taken TOT’s share in the project.
TOT signed a contract last year to develop Phase 11 of the field with an initial $1B investment, marking the first major Western energy investment in the country after sanctions were lifted in 2016, but the company has said it would pull out unless it secured a U.S. sanctions waiver.
CNPC, which joined the consortium with TOT and Iran’s Petropars in 2016 to develop South Pars, would increase its stake in the project from the current 30%; TOT originally agreed to take a 50.1% interest.
Total's commitment to Iran's South Pars gas field unchanged, official says
A senior Iran energy official says a development contract with France’s Total (NYSE:TOT) for the South Pars natural gas field remains unchanged despite renewed U.S. sanctions, just hours after state news agency IRNA quoted him as saying China National Petroleum Corp. (NYSE
TR) had taken TOT’s share in the project. TOT signed a contract last year to develop Phase 11 of the field with an initial $1B investment, marking the first major Western energy investment in the country after sanctions were lifted in 2016, but the company has said it would pull out unless it secured a U.S. sanctions waiver.
CNPC, which joined the consortium with TOT and Iran’s Petropars in 2016 to develop South Pars, would increase its stake in the project from the current 30%; TOT originally agreed to take a 50.1% interest.
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