• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours Can the World Survive without Saudi Oil?
  • 15 hours Sears files Chapter 11
  • 15 hours Natural disasters and US deficit
  • 12 hours China Is the Climate-Change Battleground
  • 12 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 1 hour Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 1 min WTI @ $75.75, headed for $64 - 67
  • 3 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 2 days How Long Until We Have Working Nuclear Fusion Reactor?
  • 1 day Saudi A Threatens to Block UN Climate Report
  • 1 day German Voters Set to Punish Merkel’s Conservative Bloc
  • 1 day Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 8 hours $70 More Likely Than $100 - YeeeeeeHaaaaa
Alt Text

Permian Producers Have A Power Problem

Permian producers don’t just have…

Alt Text

The Next Pillar Of Oil Demand Growth

Pundits continue to discuss peak…

Alt Text

US Demands For More Oil Could Backfire

The State Department’s request for…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

The Oil Major That Won’t Leave Iran

Iran

Total will seek a waiver if the United States goes through with President Trump’s threat to reimpose sanctions against Iran, CEO Patrick Pouyanne said.

“If the U.S. decides to put back the sanctions, we have to look at what the consequences are ... and then we will see, either Donald Trump decides to maintain the waivers and we will move on with the project. If the U.S. decides not to sign the waiver ... we will ask for a waiver from the U.S. authorities,” he said as quoted by The National.

Total became the first Western company to re-enter Iran’s oil and gas industry after sanctions were lifted in 2016, agreeing last year to invest US$1 billion in the development of the huge South Pars gas field. At the time, Washington had extended a sanction waiver for Iran.

Total took part in the initial development of South Pars back in the 1990s, but was forced out of the country when international sanctions were imposed on Tehran on suspicions it was developing nuclear weapons. Now the company is back for the Phase 11 of the field’s development, estimated to cost some US$5 billion. It has a 50.1-percent stake in the field, partnering with China’s CNPC with 30 percent, and Petropars, which holds the remainder.

Now, Pouyanne said, the development of South Pars should be allowed to continue because the contract for it was signed during a period when there was a sanction waiver in place. This would probably be the reasoning behind Total’s opposition to any new or renewed sanctions that could have an effect on its Iranian operations.

South Pars is a shared field between Iran and Qatar, with reserves estimated at 14 trillion cubic meters of natural gas and 18 billion barrels of condensate. This amount represents 7.5 percent of global gas reserves and 50 percent of Iran’s reserves.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News