Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
Homayoun Falakshahi, senior research analyst, Middle East and North Africa Upstream, at Wood Mackenzie, said: "The South Pars Phase 11 deal will, Iran hopes, prompt other global oil companies to re-enter the country's upstream sector".
The contract to develop Phase 11 of South Pars gas field in the Persian Gulf would contribute to the development of relations between Europe and Iran, a Total spokesman said.
The China National petroleum Corp. will hold a 30 percent stake.
The agreement was signed on Monday at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zangeneh.
Iranian President Hassan Rouhani says a multi-billion-dollar gas deal signed between Iran and French energy giant, Total, will facilitate the "transfer of technological, scientific and managerial experience" between Iran and France, PressTV reported. The producer is wooing companies such as Total, Royal Dutch Shell Plc and Russia's Lukoil PJSC to invest in its oil and gas fields to boost output. Upon completion, the field will supply Iran's national grid with 50.9 million cubic meters of gas per day.
"The South Pars Phase 11 deal will, Iran hopes, prompt other IOCs to re-enter the country's upstream sector".
Energy deals with foreign entities face scrutiny in Iran with conservatives anxious that they will lose market share. Future developments could trigger an LNG export project in Iran, one that has been mooted and postponed multiple times in the last 20 years.
Zamaninia said it was the first deal signed based on the Iran Petroleum Contract (IPC) framework.
According to an official document, prepared by Iran's oil ministry and seen by NGW, the first phase includes construction of two platforms, drilling 30 wells, stretching five pipelines, a fibre cable and a mooring buoy.
The deal comes on the back of a preliminary agreement that was signed in November.
"The main obstacle is being created by the United States government".
The U.S. Congress has been pushing for a new set of sanctions against Iran and its hard-line Revolutionary Guard, a paramilitary unit responsible for recent ballistic missile tests that angered Washington.
Total said the project will have a capacity of 2 billion cubic feet of natural gas a day or 400,000 barrels of oil equivalent per day, including condensate.
"As well as hard work, this achievement highlights the administration's pragmatic approach to negotiations, particularly within Iran", Wood Mackenzie's analyst added. Total was the first Western company to load an Iranian oil cargo in February 2016 after sanctions lifted.
Justice Department a year ago began investigating possible FBI misconduct and whether there was a cover-up. The indictment - filed last week and made public Wednesday - does not accuse Special Agent W.
It cited a United Nations expert panel as saying the company has violated a ban on trade in luxury goods with the North. Dandong - a northeastern Chinese city on the North Korean border - is a gateway for trade with isolated North Korea.
Uber's new family feature is officially available in 30 countries around the world, with more expected to be added soon. Sometimes it's that person who had too much to drink and sometimes it's that person who doesn't know what an app is.
An Allegheny County sheriff's deputy barred media access to the jury members when they arrived at the East Busway's Penn Station. Prosecutors plan to try Cosby again on charges he drugged and molested a woman in 2004, charges Cosby denies.
So far, only Texas, Mississippi, Georgia, and Tennessee have officially passed bills into law banning sanctuary policies. The law allows law enforcement officers to question the immigration status of people they detain or arrest.
The proposed budget relies on more than $2 billion in spending cuts and a probable increase in the income tax to raise $5 billion. If lawmakers intend to spend $36.5 billion in fiscal 2018, nearly $5 billion in new revenue would be needed to make it balanced.
Aluminium Composite Material (ACM) in cladding is thought to have contributed to the rapid spread of fire at Grenfell Tower. The objective of these tests is to determine the type of material used in the cladding and whether it is flammable.
Al-Jazeera Under Pressure To Close
Kuwait is acting as mediator in the crisis between Qatar and Saudi Arabia , the United Arab Emirates, Bahrain and Egypt . Qatar on Thursday said the list contained some demands impossible to meet because the underlying accusation was untrue.
Rockets, Nene hit snag in deal, re-enters free agency
So what happened? Well, Nene is 34 years old, and a four-year contract would therefore carry him into his age-38 season. Now that they're securing depth after signing Nene to a cheap deal, their roster is looking strong across the board.
Low gas prices, higher miles expected
As you get into your vehicle, you get into it a time when gas prices are at the lowest they have been in Canada in over a decade. Airfares are down, on average, 10 percent, with the average round-trip ticket to the top 40 travel destinations running $186.
Spanish state prosecutor accuses Jose Mourinho of tax fraud
Manchester United manager Jose Mourinho has been accused of tax fraud by Spanish prosecutors during his stint at Real Madrid . Barcelona's Lionel Messi was sentenced to a 21-month jail sentence and 2.09 million euro fine previous year for tax fraud.
Who Came Out On Top In The Weekend Box Office?
The third chapter in the Cars movies beat 3-weekend champion Wonder Woman , but it still premiered to lower than expected numbers. Downs, and star Ilana Glazer - the three are frequent collaborators on Comedy Central's "Broad City" and "Time Traveling Bong".
Trump disputes Russian interference in 2016 election
Mark Warner was particularly displeased with the secrecy, which DHS said was necessary to preserve trust from its local partners . Johnson said he was disappointed the DNC would not accept Homeland Security's help in finding its cyber-vulnerabilities.