November 8, 2016 / 9:00 AM / in a year

Total confirms deal with Iran on South Pars gas field

PARIS, Nov 8 (Reuters) - French oil major Total confirmed on Tuesday a preliminary deal with Iran whereby Total would develop the phase 11 part of the South Pars gas field along with the National Iranian Oil Company (NIOC).

Total said it would operate the SP11 project with a 50.1 percent stake in it.

Petropars, a subsidiary of the National Iranian Oil Company, would have a 19.9 percent stake while Chinese state-owned oil and gas company CNPC would have a 30 percent stake.

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.

“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,” Total Chairman and Chief Executive Patrick Pouyanne said in a statement. (Reporting by Sudip Kar-Gupta, Editing by Dominique Vidalon)

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