• News
  • World

Total Plows Into Iran, Leaving Shell, BP on Sidelines

Total Plows Into Iran, Leaving Shell, BP on Sidelines

It is the first major Western energy investment since sanctions against Tehran were lifted.

The agreement, signed in Tehran on Monday, will see the firms develop a portion of the massive South Pars offshore field, which Iran shares with Qatar. Total signed a preliminary deal with Iran in November as the lead partner alongside China National Petroleum Corporation (CNPC) and Iran's Petropars.

Iran hopes to produce six million barrels of crude oil and condensates a day in five years, he said, up from some 3.6 million today.

The offshore field - the largest natural gas field in the world - was first developed in the 1990s, when Total was one of the largest investors in Iran. The field contains 40 trillion cubic meters of natural gas and covers an area of 9,700 square kilometers (3,745 square miles).

The French energy giant had to abandon the original deal for phase 11 in 2012 when France and other European Union states imposed additional sanctions, including an oil embargo on Iran.

Total's Chief Executive Officer Patrick Pouyanne, left, with Iranian President Hassan Rouhani in January 2016. Total is expected to complete the Phase 11 project in three years and extract natural gas from the field for 20 years. At a later stage, once required by reservoir conditions, a second phase will be launched involving the construction of offshore compression facilities, a first on the South Pars field.

Indian woman attacked with acid 5th time
The attack took place despite a round-the-clock police protection and the presence of an armed guard inside the hostel. Yesterday between 8-9pm acid was thrown at her while she stepped out of her hostel to fill water from a hand-pump.

Mass Effect Andromeda DLC Cancellation Denied by Bioware
And Mike Gamble added that Bioware has never heard of anything called as Sinclair Networks . A report from Kotaku confirms that there will be no single-player DLC for Andromeda .

Rivals Hamilton, Vettel clash as Ricciardo wins chaotic race
Asked if he expected Vettel to apologise, Hamilton said: "I don't fancy seeing him". "I didn't run into the back of him on goal ". He s done something similar in China at the restart a couple of years ago so it s not the way to do it, I think.

Negotiations between Tehran and oil companies have been further complicated by the election of President Donald Trump in the USA who has been very critical of the agreement reached with Iran over its nuclear program in 2015.

The first phase of the project is expected to cost $2bn and recently Total CEO Patrick Pouyanne said that the company plans to invest $1bn despite possible USA sanctions risks.

The oil ministry in Iran said on Monday that the contract would be signed in the afternoon. We are proud and honored to be the first worldwide company to sign an IPC, which offers an attractive commercial framework, following the 2015 global nuclear accord (JCPOA) and to therefore contribute to the development of relations between Europe and Iran.

"The main obstacle is being created by the USA government".

A diplomatic crisis in the Persian Gulf is adding another level of uncertainty for big oil companies looking to invest in Iran.

The investment will be the first deal conducted under Iran's new Iranian Petroleum Contract (IPC).

Leave Your Comment

Leave Your Comment

Latest News

  • Kanye West Leaves TIDAL, JAY-Z Threatens to Sue

    Kanye West Leaves TIDAL, JAY-Z Threatens to Sue

    Although Tidal is a company acting out of its own best interests, it's hard not to see this fight as a very literal Kanye vs. The split reportedly stems from West's Life of Pablo album, which brought 1.5 million new subscribers to Tidal .
    No Budget Before Deadline

    No Budget Before Deadline

    Credit agencies have warned that the state's debt would be rated "junk" status if the state didn't have a budget by July 1. Saturday marks the first day of a new fiscal year - meaning the state will enter its third straight year without a budget.

    No state budget after shutdown's first day

    But on Friday evening, he intentionally kept the board open, telling reporters he had no intention of taking the vote down. Democratic gubernatorial candidate Phil Murphy took aim at both Christie and his Republican opponent, Lt.
  • Tour de France 2017

    Tour de France 2017

    However, he did win the final stage time trial at this year's Giro, so he will most definitely be a contender for stage honors. The elite GIGN unit specialises in hostage rescue and counter-terrorism and will be deployed during the race, The Local said.
    Amazon Echo at lowest price of the year

    Amazon Echo at lowest price of the year

    On June 28, Amazon will release its $229 Echo Show, the latest entry in the retail giant's line of Echo smart speakers . Echo responds very quickly and you can start using this service instantly by saying the word "Alexa".
    Hamilton takes 66th career pole in Azerbaijan

    Hamilton takes 66th career pole in Azerbaijan

    The pole is Hamilton's second in succession and puts him second on the all-time Formula One list behind Michael Schumacher on 68. The Mercedes pairing of Lewis Hamilton and Valtteri Bottas were quick to hit the track and snatch the pole early.
  • Andy Murray Has A Hip Issue Ahead Of His Wimbledon Title Defense

    The Briton is still expected to begin the defence of his Wimbledon title on Monday, but will be short of practice heading into the Championships.
    Did environmental policies ignite Utah's Brian Head wildfire?

    Did environmental policies ignite Utah's Brian Head wildfire?

    The Brian Head Fire has already charred some 46,000 acres, and right now, it's only nine percent contained. EDT), the fire spread to 125 acres and grew to 1,200 acres shortly after 6 p.m. local time (9 p.m.
    Wounded Rep. Steve Scalise out of intensive care

    Wounded Rep. Steve Scalise out of intensive care

    The attack spurred an outpouring of bipartisan support , and Scalise's colleagues on Capitol Hill continue to rally together. Doctors say Congressman Scalise is in fair condition and is in the process of healing and rehabilitation.
  • Meal-kit maker Blue Apron cuts expected IPO price range

    Meal-kit maker Blue Apron cuts expected IPO price range

    Blue Apron's sales hit almost $800 million in 2016, more than doubling from the year before, according to its IPO paperwork. Having raised less money, the company said in a filing it no longer intends to pay down debt with the proceeds.
    Trump calls decision national security victory

    Trump calls decision national security victory

    His administration has made an emergency request asking for the ban to go into effect while the litigation continues. President Reagan's original choice to take Powell's place was conservative federal appeals court judge Robert Bork.
    Hedge fund star Dan Loeb bets $3.5 billion on Nestle

    Hedge fund star Dan Loeb bets $3.5 billion on Nestle

    Third Point also said the firm should set more aggressive profit targets, and return money to investors by buying back shares. Nestle said this month it may sell its US candies unit, which includes brands such as Butterfinger and BabyRuth.
  • GST will unify the country's economy

    GST will unify the country's economy

    The sharpest critics of the Goods and Services Tax's midnight launch at Parliament's central hall had absented themselves. He added that GST will promote new governance culture that will end harassment at the hand of tax officials.
    Isaiah Thomas Bickers With Lance Stephenson On Instagram Over Paul George

    Isaiah Thomas Bickers With Lance Stephenson On Instagram Over Paul George

    The Boston Celtics have been very patient over the last couple of years, being very cautious of not overpaying for assets. The Pacers will need to come down from that ridiculous asking price, or they will most likely lose George for nothing.
    Major global companies hit by cyber attacks

    Major global companies hit by cyber attacks

    The company posted on Twitter , "We can confirm that Maersk IT systems are down across multiple sites and business units". Russia's Rosneft energy company also reported falling victim to hacking , as did shipping company A.P.
  • NBA Free Agency Rumors: Here's Every Player Who's Been Tied To Celtics

    The Celtics and Heat have shown interest in Hayward this offseason, but it looks like he's giving Miami first dibs on a meeting. Gordon Hayward will take his first free-agent meeting with the Miami Heat on Saturday, a source told ESPN's Jorge Sedano.
    Blockading countries send list of 13 demands to Qatar

    Blockading countries send list of 13 demands to Qatar

    In Egypt , it was seen as sympathetic to the Muslim Brotherhood-backed president Mohammed Morsi, who came to power in 2012. Qatar has said it will not negotiate until Arab nations lift their blockade against their neighbor.

    'Transformers: The Last Knight' Opens to Franchise Low $69.1 Million

    Take a look at the box office estimates for the weekend of June 23, and check back on Tuesday for next week's predictions. The franchise has historically been massively profitable and seen solid multiples for the studio.

Breaking News


Marine Le Pen Allegedly Paid Parliamentary Assistants With EU Funds

One of the aides in question, Catherine Griset, a senior aide at Le Pen's National Front party, was charged in February in the case.

Germany to Prohibit Erdogan Rally in Hamburg

Erdogan was expected to address the representatives of the Turkish community on the second day of the summit, the source noted. Germany has accepted asylum claims from high-ranking Turkish generals in North Atlantic Treaty Organisation .

Two immigration bills clear House, polarize San Diego's delegation

The Republican-controlled House of Representatives passed two measures on Thursday targeting sanctuary cities and illegal immigrants.

Moto E4 to launch soon

Moto M's battery is rated at 3050mAh and supports fast-charging; the smartphone measures 151.35x75.35x7.85mm and weighs 163 grams. The previous listing revealed the presence of the Snapdragon 835 SoC and 4GB RAM but the latest one has a few more information.

Federal Bureau of Investigation agent, accused of lying in LaVoy Finicum shooting in OR , indicted

In the cab, ranchers Finicum, Shawna Cox, Ryan Bundy and 18-year-old gospel singer Victoria Sharp debated their next move. He said nothing during a brief court hearing and was released on his own recognizance, declining to comment as he left.

Middle East Kurdish-led forces encircle Raqqa city, tighten noose on IS

The lack of rapid progress is due to ISIS's intensification of attacks, the Syrian observatory quoted a source on Sunday. The SDF say they have discovered an extensive network of tunnels used by IS fighters in the city.

Spithill skippers Oracle to 1st win in America's Cup

But it was aggressive tactics by Burling that left Spithill and his mates in the dust at the outset of the race. He crossed ahead on the third leg. "That was important", Spithill said.

Federer Shows Grasscourt Best, Destroys Zverev in Halle Final

It was his ninth title at Halle, and the shortest of his 11 finals. "It was a very good week for me again making the finals here". Roger Federer brushed aside the challenge of rising star Alexander Zverev to clinch his ninth Gerry Weber Open title in Halle.

Trump organization ends management of Toronto tower

In 2015, Toronto City Councillor Josh Matlow asked that the Trump name be dropped, calling Trump a " fascist ". The chain also manages eight hotels in the United States, as well as properties in Scotland and Panama.

Iran calls missile attack on Syria militants a wider warning

Announcing the attack, the Guards insisted "many terrorists" were killed and their weapons were destroyed within the strike. Since Trump took office, his administration has put new economic sanctions on those allegedly involved with the program.