South Pars phase 12 annual output nears 20bcm

Iran Total to Finalize South Pars Gas Deal on Monday

Iran Total to Finalize South Pars Gas Deal on Monday

It was initially due to sign the contract in early 2017, but CEO Patrick Pouyanne said in February that it would wait to see whether the USA administration of President Donald Trump reimposed sanctions on Iran.

"Upon finalizing the Phase 11 deal in the coming weeks, the French company will provide most of the funding for the gas project and transfer the necessary drilling and production expertise", Asadollah Qarekhani was quoted as saying by ICANA on Friday.

Total will operate the project with a 50.1% interest alongside Petropars (19.9%) and the CNPC (30%).

"The worldwide contract for development of Phase 11 of South Pars in the framework of IPC (Iranian Petroleum Contract) will be signed on Monday, July 3, at 14:30, at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zanganeh and senior officials from France's Total, China's CNPC and Iran's Petropars", the unnamed official also told Reuters. "Furthermore, domestic oil and gas industry will gain access to advanced technical know-how".

Iran holds the world's biggest gas reserves, estimated by BP PLC at 1,183 trillion cubic feet (33 trillion cubic meters), and is the third-biggest oil producer in the Organization of the Petroleum Exporting Countries. Royal Dutch Shell, another energy giant, has signed several memorandums of understanding for projects in Iran, as have dozens of other companies.

"We will go ahead with development of a giant Iranian gas field this summer", Pouyanne added.

The offshore oil field, shared between Iran and Qatar, was first developed in the 1990s.

A Total official confirmed that a 20-year contract with very attractive terms will be signed Monday.

Global energy officials including Pouyanne believe that the IPC is a real improvement as it offers the operator remuneration based on production rather than a percentage of the development costs.

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