Total backs out of South Pars 11, report claims

Total has officially withdrawn from the Phase 11 development of the South Pars gas field in the Persian Gulf, according to news service Shana.

Offshore staff

TEHRAN, Iran – Total has officially withdrawn from the Phase 11 development of the South Pars gas field in the Persian Gulf, according to news service Shana.

Iran’s Minister of Petroleum Bijan Zanganeh confirmed the news to ICANA, the Iranian parliament’s website, adding that Total had announced its plans to withdraw from the project two months earlier.

He added that discussions continue on the other parties to Phase 11 taking on Total’s share in the contract.

The withdrawal followed the US’ recent decision to impose sanctions on companies that do business in Iran, having earlier withdrawn from the 2015 nuclear agreement between Tehran and world powers.

08/21/2018

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