0557 GMT February 25, 2020
“Now with the exit of the other two companies from the contract, Petropars has completely taken their place and the development of the first unit of Phase 11 of South Pars has been given to this company,” Bijan Namdar Zanganeh said, reported Reuters.
French Total S.A. signed a $5 billion agreement in November 2016 to develop SP Phase 11 as head of a consortium that included China National Petroleum Corporation (CNPC) and Iran’s state-owned Petropars.
After canceling the agreement to develop the field due to the mounting US pressure and new sanctions that forced international firms to walk away from Iran in 2018, the French energy company submitted the project's documents to its partner, CNPC, in October 2018.
Both companies have now exited the deal, and the Iranian firm will take on the project.
South Pars is the world’s largest gas field, shared between Iran and Qatar, covering an area of 3,700 square kilometers of Iran’s territorial waters in the Persian Gulf.