To­tal signs gas field deal

The Star Early Edition - - INTERNATIONAL -

FRENCH oil ma­jor To­tal said yes­ter­day it had signed a con­tract with Iran to de­velop the gi­ant South Pars gas­field, mark­ing the first ma­jor Western en­ergy in­vest­ment since sanc­tions against Tehran were lifted. To­tal and the Na­tional Ira­nian Oil Com­pany signed a deal to de­velop phase II of South Pars, which is the world’s largest gas field. The project will have a pro­duc­tion ca­pac­ity of 2 bil­lion cu­bic feet per day, To­tal said. It said the gas would sup­ply the Ira­nian do­mes­tic mar­ket from 2021. The first phase of the gas­field devel­op­ment will cost about $2 bil­lion (R26bn), To­tal added. – Reuters

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