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Total to exit Iran's South Pars Phase 11 project
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Total has notified Iran's Oil Ministry that it will leave Iran and the South Pars Phase 11 project. The French major was the first IOC to return to Iran after the Nuclear Deal. The project was close to hit FID when the US withdrew from the Nuclear Deal, leaving Total with no choice but to abandon the project. Total's future departure leaves questions unanswered about the fate of South Pars Phase 11, one of the most important upstream projects for Iran. As a partner, CNPC has the option to replace Total as the project operator, but it is not certain if it is willing to assume that role.
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