• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 6 hours Shale Oil Fiasco
  • 18 mins Might be Time for NG Producers to Find New Career
  • 3 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 7 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 1 day Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 1 day Wind Turbine Blades Not Recyclable
  • 1 day Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 6 hours US Shale: Technology
  • 8 hours Indonesia Stands Up to China. Will Japan Help?
  • 1 day Denmark gets 47% of its electricity from wind in 2019
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

The Oil Major That Won’t Leave 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:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play