Exploration & Production

CNPC could take Total’s stake in Iran’s South Pars project

Total will forfeit its 50.1% stake in Iran’s South Pars project to CNPC if the French major withdraws from the country.
By Staff reporter 9 May 2018 0 30777

Total will forfeit its 50.1% stake in Iran’s South Pars project to China National Petroleum Corp. (CNPC) if the French major withdraws from the country, Bloomberg reported Ali Kardor, managing director of National Iranian Oil Co., as saying on Sunday.

CNPC holds a 30.0% stake in the offshore gas field, while Iran’s Petropars has 19.9%.

Total has spent $90 million on the field and will not be compensated before production begins, Kardor said.