Factories at Crossroads: Egypt's industrial sector between optimism, crisis    Al-Sisi, Türkiye's FM discuss boosting ties, regional issues    Russia warns of efforts to disrupt Trump-Putin summit on Ukraine    Rift between Netanyahu and military deepens over Gaza strategy    MIDBANK extends EGP 1bn credit facilities to Raya Information Technology    United Bank contributes EGP 600m to syndicated loan worth EGP 6.2bn for Mountain View project    Suez Canal Bank net profits surge 71% to EGP 3.1bn in H1 2025    Egypt's gold prices grow on Aug. 7th    Madbouly says Egypt, Sudan 'one body,' vows continued support    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt signs vaccine production agreement with UAE's Al Qalaa, China's Red Flag    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt to open Grand Egyptian Museum on Nov. 1: PM    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt, Philippines explore deeper pharmaceutical cooperation    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Egypt's Foreign Minister discusses Nile water security with Ugandan president    Egypt, Cuba explore expanded cooperation in pharmaceuticals, vaccine technology    Egyptians vote in two-day Senate election with key list unopposed    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Total signs first post-sanctions Western energy deal with Iran
Published in Ahram Online on 08 - 11 - 2016

France's Total has signed a deal with Iran to further develop its part of the world's largest gas field, becoming the first western energy company to sign a major deal with Tehran since the lifting of international sanctions earlier this year.
Total confirmed on Tuesday it had signed a heads of agreement with National Iranian Oil Company (NIOC) for the Phase 11 development of South Pars in the Gulf, which extends into Qatari waters where it is known as the North field.
The SP11 project will progress in two stages, the first costing an estimated $2 billion, Total said. The produced gas will be fed into Iran's gas network.
The French company has already played a key role in Iran's energy industry, including the development of phases 2 and 3 of South Pars in the 2000s, before pulling out of the country after international sanctions were imposed in 2010.
Foreign companies keen to tap into Iran's vast oil and gas reserves have so far made little inroads into the country despite the lifting of many sanctions earlier this year following a landmark agreement on Iran's nuclear program.
Tehran has pledged to open up its oil industry but foreign companies, including BP and Italy's Eni recently said they still have little information about Iranian oil fields and contract terms, hindering investment decisions.
Chief Executive Officer Patrick Pouyanne, who has taken some major investment decisions in recent years despite one of the sector's longest downturns, said the agreement "resulted in an attractive commercial framework."
Total said it would operate the SP11 project and have a 50.1 percent stake in it. Petropars, a subsidiary of the National Iranian Oil Company, will have a 19.9 percent stake while state-China National Petroleum Corp (CNPC) [CNPET.UL] will have a 30 percent stake.
The development will have a production capacity of 1.8 billion cubic feet per day, or 370,000 barrels of oil equivalent, with output to 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," Pouyanne said in a statement.
Total will develop the project in compliance with national and international laws and the investment will be undertaken without bank finance, he told reporters.


Clic here to read the story from its source.