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No Signs of Total Walking out of SP 11 Deal Yet

Source: Shana 5/9/2018, Location: Asia

The CEO of the Pars Oil and Gas Company (POGC) said the company has so far received no official messages from French energy major Total for pulling out of a deal it cut with Iran to develop a major gas project in South Pars.

Mohammad Meshkinfam said Total has so far invested 90 million dollars in designing and organizing licensing rounds for the South Pars phase 11 project in Persian Gulf waters with Iran’s Petropars Company.

“We have not received any messages from Total regarding its departure from the deal since the US president announced his country’s withdrawal from the JCPOA,” the official said, referring to the Joint Comprehensive Plan of Action (JCPOA).

The US President Donald Trump on Tuesday announced Washington’s withdrawal from the nuclear deal Iran struck with the P5+1 group of countries back in 2015.

“Our relations with Total are based on the contract and mutual respect and I do not think we will have any problem in this regard,” Meshkinfam added.

Total and the National Iranian Oil Company (NIOC) have signed a contract for the development and production of phase 11 of South Pars (SP11), the world's largest gas field. The project will have a production capacity of 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day including condensate. The produced gas will supply the Iranian domestic market starting in 2021.

The deal was signed between NIOC and a consortium of Total, China’s CNPC International and Iran’s Petropars.

He said in case Total disengages, POGC will consider developing the project without the French company.

“Development of South Pars Phase 11 is very important to us and we complete the project with or without Total,” Meshkinfam stressed.

Even if the Chinese company pulls out of the deal, POGC would rely on Petropars, an Iranian energy company, for fulfilling the project, he added, noting that Petropars has previously developed phases 12 and 19 of the supergiant gas field that is shared by Iran and Qatar.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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