Total Gets $5 Billion Iranian Contract

Total, NIOC sign 20-year contract for development of Phase 11 of South Pars gas field

Total (TOT) and the National Iranian Oil Company have signed a contract for the development and production of phase 11 of South Pars, the world’s largest gas field.

The project will have a production capacity of 2B cubic feet per day or 400,000 barrels of oil equivalent per day including condensate.

The produced gas will supply the Iranian domestic market starting in 2021.

This contract, which has a 20-year duration, is the first Iranian Petroleum Contract and is based on the technical, contractual and commercial terms as per the Heads of Agreement signed on November 8, 2016.

Total is the operator of the SP11 project with a 50.1% interest alongside the Chinese state-owned oil and gas company CNPC, and Petropars, a wholly owned subsidiary of NIOC.

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