Total signs major Iran gas deal

Iran has signed a major agreement with the French energy giant Total for the development of what it says will be the last remaining section of its huge South Pars gas field.   

The agreement for the development of Phase 11 of South Pars was signed between the National Iranian Oil Company (NIOC) and Total which would team up with China National Petroleum Corporation (CNPC) and Iran’s Petropars in the project.

The consortium would make a total investment of $4.8 billion in Phase 11 – what is already expected to break the ice for major post-sanctions investments in the country.

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.

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