Iran signed a major contract with Total on gas production

Иран заключил крупный контракт с Total на добычу газа

Agreement on development of the South Pars field for 20 years.

Today the power of Iran and French company Total signed in Teheran a contract to develop a gas field South Pars, Iranian media pass.

CEO of Total Patrick Pouyanne and the Minister of oil of Iran Bijan Zanganeh signed an agreement worth $4.8 billion, which is designed for 20 years.

It is noted that the Total became the first Western oil company, who returned to Iran after the lifting of economic sanctions. Now she will head the consortium to develop the 11th phase of the offshore South Pars field. In Total the consortium owns 50.1% of the shares, Chinese Corporation CNPC – 30%, and the Iranian company Pertopars is 19.9%.

The South Pars covers an area of 3.7 thousand square kilometers. Its reserves are estimated at 14.2 trillion cubic meters and 2.7 billion tons of oil (18 billion barrels). South Pars contains 8% of world gas reserves and 50% of the total gas reserves of Iran.

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