• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 11 days e-truck insanity
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Total Could Lose Big If It Pulls Out Of South Pars Deal

Iran says Total could lose all of its investment if it pulls out of a deal it made with Tehran regarding the development of the South Pars gas field.

“If Total, without the enforcement of (U.N.) Security Council sanctions, announces that it has the intention to leave the contract, no capital will be returned to this company and no sum will be transferred to the company,” oil minister Bijan Zanganeh said to SHANA, the oil industry’s press service.

Back in July, Total inked a deal to develop phase 11 of the South Pars field, with an initial payment of $1 billion to get the ball rolling. The agreement was the first made by a Western energy company in Iran since the United Nations lifted sanctions against Iran that were levied due to distrust regarding a rogue nuclear program.

Total has the “willingness to move forward” with its previous deal, the company said in a statement.

“Total is currently working on the South Pars 11 project and is committed to pursuing it. Tenders have already been launched and contacts should be awarded by January,” a Total spokesman said, according to Reuters.

Iran’s ambitions in the LNG area are not new. There were plans to develop LNG production projects in the early 2000s. Western sanctions interrupted these plans, but now they are back on the table, unless the U.S. imposes new sanctions on the country, which is always a possibility under the current administration. Until that happens—if it ever does—Iran has access to Western oil and gas extraction technology, and has a relationship with Total, among others. The French company has also previously expressed interest in acquiring other natural gas projects around Iran as the country reenters the international arena. 

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News