TEHRAN – The managing director of National Iranian Oil Company (NIOC) has said that French oil company Total is determined for contribution to the development project of phase 11 of Iran’s South Pars gas field, Shana reported.

“The company has already allocated a $15-million investment fund to this project in accordance with the first phase of the contract,” Ali Kardor noted.

Mentioning the recent report by Reuters the official added that Total's chief executive, Patrick Pouyanne, has not declared any conformance to the U.S. positions toward Iran.

On Wednesday, Reuters had quoted Pouyanne as saying that Total aimed to make a final investment decision on the $2 billion project by the summer, but the decision hinges on the renewal of U.S. sanctions waivers.

The South Pars 11 project aims to produce 1.8 billion cubic feet a day of gas, equivalent to 370,000 barrels of oil. The produced gas will be fed into Iran's gas network.

Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions with its South Pars 11 project in the Persian Gulf to develop a part of the world's largest gas field that Iran shares with Qatar.

EF/MA