French energy giant Total has not announced anything about walking away from the South Pars Gas Field development project due to Washington's exit from Iran nuclear deal, said Iran's Oil Minister Bijan Namdar Zanganeh.
Entire field’s reserves worth trillions of dollars
China’s state-owned energy major CNPC is ready to take over Total’s stake in the giant Iranian South Pars gas project if the French company leaves amid newly announced US sanctions, industry sources said.
French oil major Total is committed to the development of an Iranian gas field and will apply for a waiver if US President Donald Trump unilaterally withdraws from the 2015 Iran nuclear deal and reimposes sanctions on Tehran, the company’s chief executive said.
In a major interview given to French newspaper Le Monde looking at Total’s strong performance in 2017, CEO Patrick Pouyanné was asked about the “American threat” to the company’s “important gas project” in Iran.
Speculations are rising that China’s leading oil and gas company CNPC could replace French energy giant Total in a key Iranian natural gas project if any new US sanctions against investments in Iran’s economic projects forces it to leave the country.