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Total boss happy to be first to do Iran deal

08 November 2016 , 16:01Neftegaz.RU587

Total boss Patrick Pouyanne has said the firm would be happy to be the first Western oil company to reach an agreement with Iran.

 

It comes after iranian Shana said on November 7, 2016, that Total and China National Petroleum (CNPC) would sign fresh contracts with National Iranian Oil Company (NIOC) on the second phase of the South Pars gas field.

Total´s Pouyanne was asked about the estimated $6billion value of the potential deal and said developing a phase of South Pars gas field would be more in the range of $2billion.

 

Today National Iranian Oil Company (NIOC) signed a $4.8 billion HOA deal with French Total, China National Petroleum Corp. and Iranian Petropars company for development of the phase 11 of South Pars joint gas field.

Once the project is implemented, 56 million cubic meters will be added to Iran's capacity to extract gas from the field which is shared with Qatar.

Under the agreement, the contractor will finance the project, thus luring billions of dollars for the country.

Development of phase 11 of South Pars gas field within framework of the new model of oil contracts underlines high share of Iranian companies in various dimensions.

Total has had a previous involvement in South Pars, one of the largest natural gas deposits in the world, which is located in the middle of the Persian Gulf.

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