Gulf Oil and Gas accountACCOUNT

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.

Acquisitions and Divestitures News in Iran >>

United Kingdom >>  12/10/2018 - Equinor and Verus Petroleum have completed their previously announced transaction, whereby Equinor has sold its 17% non-operated interest in the Alba ...
Egypt >>  12/9/2018 - Eni has announced that the sale of a 20% participating interest to Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Investment Company, and a...

United Arab Emirates >>  12/9/2018 - The Abu Dhabi National Oil Company (ADNOC) announced the four percent stake in its onshore concession, previously held by CEFC China Energy Company Li...
Mozambique >>  12/8/2018 - Qatar Petroleum entered into an agreement with an ExxonMobil affiliate to acquire a 10% participating interest in three offshore exploration blocks in...

Norway >>  12/7/2018 - Completion of the Babbage Area sale: Premier has announced that following receipt of necessary approvals, the sale of its interests in the Babb...
Norway >>  12/5/2018 - Faroe Petroleum is pleased to announce it has signed a binding agreement with Equinor Energy AS (a wholly owned subsidiary of Equinor ASA) (Equinor) t...

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

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


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

Oil & Gas Projects in Iran >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.