Exploration & Production

Total unlikely to receive sanctions waiver for South Pars

US sanctions mean the French major will likely pull out of Phase 11, and if its Chinese partner does likewise then Iran will have to go it alone US sanctions mean the French major will likely pull out of Phase 11, and if its Chinese partner does likewise then Iran will have to go it alone.
By Verity Ratcliffe 18 May 2018 0 30912
Work on South Pars. South Pars Phase 12. (Pars O&G)

The United States is unlikely to grant French major Total a sanctions waiver to participate in the development of Iran’s South Pars field. And despite reports that project partner China National Petroleum Corp. (CNPC) is ready to step into the breach, Iran may still end up developing Phase 11 of South Pars alone.

Total is requesting a waiver following US President Donald Trump’s announcement on 8 May that he would reinstate sanctions on Iran in six months’ time.

The EU and the French government are...