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French Total abandons $2 billion Iranian project unless US waives sanctions

17 May 2018 , 10:10Neftegaz.RU652

Paris, May 17 - Neftegaz.RU. French oil and gas giant Total will stop all operations on the development of the South Pars Phase 11 gas project in Iran, unless it is granted a waiver.


«Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before 4 November 2018, unless Total is granted a specific project waiver by U.S. authorities with the support of the French and European authorities,» the French oil and gas major said in a statement.


Total said it has spent less than 40 million euros ($47.5 million) related to the project up to this date. A withdrawal from the project will not impact its production target of 5% compound annual growth rate between 2016 and 2022, it added.


At the time of the contract signing last year, Total CEO Patrick Pouyanne said that «this is a major agreement for Total, which officially marks our return to Iran to open a new page in the history of our partnership with the country.»


Total has a 50.1 % operating interest in the SP11 project, with 30 % for Chinese oil major CNPC and 19.9 % for the NIOC.


Despite the U.S. withdrawal, Iranian Foreign Minister Javad Zarif met with EU leaders on May 15 to discuss how to circumvent U.S. sanctions in an effort to salvage the nuclear deal. 


To read the article in Russian.


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