Iranian Minister of Petroleum Bijan Zangeneh says the Iranian energy company Petropars is now developing the Phase 11 of South Pars Gas Field alone after China’s CNPC International and France’s Total fully abandoned the project.
“Petropars has started developing the project and is currently sealing contracts for correcting jackets and provision of main items for drilling operations,” he said.
In July 2017, Total signed a $1 billion deal to develop the South Pars gas field in cooperation with China National Petroleum Company (CNPC) and PetroPars.
But the French pulled out of the deal in May 2018 in light of a decision by US President Donald Trump to re-impose sanctions on the Islamic Republic.
Later, the CNPC formally replaced Total in the project, but it suspended investment in Iran later in December 2018 in response to US pressures.
South Pars is the world’s largest gas field.