Total Signs Contract

Total S.A and the National Iranian Oil Company (NIOC) signed a 20-year contract on Monday for the development and production of phase 11 of South Pars (SP11), the world’s largest gas field. The project will have a production capacity of 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day including condensate. The produced gas will supply the Iranian domestic market starting in 2021.

Total is the operator of the SP11 project with a 50.1% interest alongside the Chinese state-owned oil and gas company (CNPC) 30%, and Petropas (19.9%), a unit of NIOC). SP11 will be developed in two phases. The first phase, with an estimated cost of around 2 billion dollars equivalent. will consist of 30 wells and 2 wellhead platforms connected to existing onshore treatment facilities by 2 subsea pipelines.

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