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EghtesadOnline: Minister of Petroleum Bijan Zangeneh announced that Iran and the French oil giant Total are in the final stage of signing a contract on the development of the Phase 11 of South Pars and it will be signed before the end of work of the 11th government.

“Iran and Total are summing up and reviewing signing a contract on the development of Phase 11 of South Pars and they are in final stages of doing so,” Zangeneh said. 

According to IRNA, he reiterated that signing the new oil contracts for the development of oil and gas fields by prioritizing the joint fields are among the most priorities of the oil industry in the current year. 

In relevant remarks in late May, Chief Executive Officer (CEO) of Total said that his company is going to finalize its contract on South Pars 11 gas field development with Iran before this summer.

The US relief of sanctions has paved the way for signing of the finalized contract with Iran, added Patrick Pouyanne.

Total had declared that the final decision on agreement with Iran depends on the extension of Iran’s sanctions relief by the US government.

Pouyanne also confirmed that he had talked with Iran’s Minister of Petroleum Bijan Zangeneh on the sidelines of the 172th session of Organization of Petroleum Exporting Countries (OPEC).

The National Iranian Oil Company (NIOC) signed the new model agreement-in-principle for South Pars oil field 11 with a consortium composed of France’s Total, China National Petroleum Corporation (CNPC) and Iran’s Petropars last November.

After implementation, the 4.8 billion contract will add 56 million cubic feet of gas to the country’s production capacity per day in the world biggest gas field that Iran shares it with Qatar in the Persian Gulf.

Bijan Zangeneh South Pars Total Iran oil Iran oil contracts Iran-Total