Exploration & Production

Time running out for Total in Iran

The French major has effectively conceded it will not win a waiver for South Pars, but the time it has left in Iran may be shorter than previously thought The French major has effectively conceded it will not win a waiver for South Pars, but the time it has left in Iran may be shorter than previously thought.
By Verity Ratcliffe 1 June 2018 0 31111
A South Pars rig A rig in the South Pars field. (POGC)

Total may leave Phase 11 of Iran’s South Pars project far sooner than was initially thought. On Wednesday, Tehran gave the French player less than three months to secure a waiver from United States sanctions. Meanwhile, the US government is ratcheting up pressure on companies to unwind their Iranian operations before it reimposes sanctions in November.

The US said on 4 May that sanctions would be reinstated in six months, and Total said in a statement 12 days later that it would have to leave South...