Total seeks stake in US$4bn Iranian South Pars gas field
20 March, 2017
French energy giant Total is aiming to take a 50% stake in Iran's giant South Pars gas field according to a regulatory filing made by the company on 17 March.
Total signed a preliminary deal for the project last year, becoming the first Western oil major to sign an agreement with Iran since the partial lifting of sanctions.
The filing states that the South Pars project requires investment of approximately US$4bn (£3.22bn) with Total set to finance 50.1% of this through equity contributions and payments in non-US currency.
If finalised Total will operate the project with its 50.1% stake, China’s CNPC will hold 30% and Iran’s Petropars will have the remaining 19.9% stake.
The South Pars project is estimated to have a production capacity of 370,000 barrels of oil equivalent per day and will require two offshore platforms and 30 wells.
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