Countdown to the signing of the $4.8 billion oil contract between Iran and the international consortium led by Total has started.
Being the first to be signed in the new format of Iran’s oil contracts which lead to technology transfer to Iran, the Total deal is considered a turning-point to start a new era in the Iranian oil industry.
The deal is to be signed by Iranian Minister of Petroleum Bijan Zangeneh, the Total and other beneficiary managers.
The primary agreement to develop South Pars 11 project was signed on November 8, 2016 between the NIOC and the mentioned consortium, including the Total, the Chinese National Petroleum Corporation (CNPC), Petropars, with the presence of Zangeneh, President Middle-East and North Africa of Total Exploration and Production Stephane Michel, and CEO of CNPC Middle East Zhu Junfeng.
The deal is the biggest natural gas contract Iran has signed after the January 2016 nuclear deal with G6 to lift the sanctions on Iran.