French oil major Total has confirmed a deal with Iran to develop the phase 11 part of the South Pars gas field along with the National Iranian Oil Company (NIOC).
The firm said it would operate the SP11 project with a 50.1% stake in it.
The South Pars 11 project will have a production capacity of 1.8 billion cubic feet per day, or 370 000 barrels of oil equivalent per day. The produced gas will be fed into Iran’s gas network.
Total boss Patrick Pouyanne said:”This project fits with the group’s strategy of expanding its presence in the Middle East, where the origins of the group lie, and growing its gas portfolio by adding low unit cost, long plateau gas assets.”
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