TEHRAN- France’s Total is working on development project of Iran’s South Pars gas field (shared with Qatar in the Persian Gulf) based on the schedule, National Iranian Oil Company (NIOC) Deputy Director for Engineering and Development Gholamreza Manouchehri told ILNA.

In July 2017, a consortium comprising Total, China's CNPC International and Petropars Company from Iran signed a contract with NIOC for developing phase 11 of the supergiant South Pars gas field, with Total holding 50.1 percent interest in the project, CNPC owning a 30 percent stake and Petropars holding the remaining 19.9 percent. 

Total’s Chief Executive Patrick Pouyanne said in last November that the oil major would have to review its Iran gas project if the United States decided to impose unilateral sanctions on Tehran over its nuclear program, given Total’s assets in the U.S. market. 

Reacting to the Total’s statement, Iranian Oil Minister Bijan Namdar Zanganeh said Total will lose all of its investment if it pulls out of the deal.

Zanganeh said Total had pledged 56 million euros ($66 million) for the South Pars project and work was progressing as specified in the contract. 

And last month, Mohammad Meshkinfam, the managing director of Pars Oil and Gas Company (POGC), which is in charge of developing South Pars gas field, said Total is completely following its commitment regarding its deal with Iran and the company’s activities are on schedule. 

MA