TEHRAN – China National Petroleum Corporation (CNPC) is weighing taking over Total’s stake in Iran’s South Pars gas field project if the French company leaves to avoid possible U.S. sanctions, Reuters reported citing industry sources.

Under the terms of the agreement to develop phase 11 of South Pars, the world’s largest gas field, CNPC could take over Total’s 50.1 percent stake and become operator of the project if Total is forced to withdraw from Iran, a senior Beijing-based source with knowledge of the joint-venture agreement said.

A consortium comprising France's Total, China's CNPC International and Petropars Company from Iran signed contract with the National Iranian Oil Company (NIOC) for developing phase 11 of the supergiant South Pars gas field, with CNPC owning a 30 percent stake and Petropars holding the remaining 19.9 percent. 

EF/MA