World Bank lifts Egypt's outlook, growth to average 4.6% over 2024–2027    Sisi invites Trump to Egypt to sign Gaza peace deal if talks succeed    Egypt's acting environment minister heads to Abu Dhabi for IUCN Global Nature Summit    Egypt's oil sector posts $598.3m net FDI inflow in FY2024/25 – CBE    Egypt yet to decide on fuel price increase — PM    Egyptian Open Amateur Golf Championship 2025 to see record participation    Cairo's Al-Fustat Hills Park nears completion as Middle East's largest green hub – PM    Al-Sisi reviews education reforms, orders new teacher bonus starting November    Egypt's Cabinet approves new universities, church legalisations    Investment Ministry, Future of Egypt Authority discuss strengthening supply chains, strategic commodity procurement    Saint-Gobain Egypt targets doubling exports to Africa to €120m annually    Egypt plants over 18,000 trees in Cairo, Delta in '100 Million Trees' initiative    Egypt's UPA launches new version of MedIQ medical procurement system    Egypt urges Netherlands to increase investment, stresses Nile water security    Egypt's Foreign Minister, German counterpart hold political consultations in Cairo    Egypt's Sisi congratulates Khaled El-Enany on landslide UNESCO director-general election win    URGENT: Egypt's Khaled El-Anany unanimously elected UNESCO director-general    Syria releases preliminary results of first post-Assad parliament vote    Al-Sisi reaffirms Egypt's military readiness on 52nd anniversary of 1973 victory    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    From the Ashes of Dynamite to the Light of Nobel    A Woman's Victory Shakes Global Markets    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt's Al-Sisi commemorates October War, discusses national security with top brass    Egypt screens 22.9m women in national breast cancer initiative since July 2019    Egypt's ministry of housing hails Arab Contractors for 5 ENR global project awards    Egypt drug regulator, Organon discuss biologics expansion, investment    A Timeless Canvas: Forever Is Now Returns to the Pyramids of Giza    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Egyptian Writers Conference announces theme for 37th session    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.