Iran will reimburse French oil and gas major Total for its investment in the South Pars Gas Field but not until Phase 11 of the multibillion-dollar project becomes operational, said Iran's oil minister on Saturday.
All equipment and investment committed by Total in Iran's South Pars project will remain in the country despite the French energy giant's exit, said the spokesperson for the Parliament's Energy Commission on Tuesday.
French energy giant Total has officially left the country, ending speculations over whether it would stay to complete a gas project following the return of US sanctions against the Islamic Republic, announced Iran's oil minister.
Iran’s Petroleum Minister Bijan Zanganeh says French energy giant Total has officially left the country, ending speculations over whether it would stay to finish a gas project following the return of US sanctions against the Islamic Republic.
Iran said French energy giant Total is still to officially announce its withdrawal from one of the country's biggest gas projects with a top official saying no change has taken place in the combination of a consortium formed over the project.
Iranian holding company MAPNA Group voiced readiness to take over a project to develop the country’s South Pars gas field after French energy giant Total canceled its contract in fear of the US looming sanctions.
The possible withdrawal of French oil major Total from Iran's South Pars gas field has not slowed down the project, a senior Iranian official said, adding that Tehran is in talks with Russia's Gazprom on the development of two other fields.
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.