CNPC replacing Total in project for SP Phase 11 development

Tehran, Aug 11, IRNA – China's CNPC company replaced Total in the project for development of Phase 11 of South Pars Gas Field, thus its stake in the deal rose to as much as 80 percent. [CNPC replacing Total in project for SP Phase 11 development] In July 2017, National Iranian Oil Company (NIOC) and the International Consortium, headed by Total, signed an oil deal in the post-sanction era to develop phase 11 of South Pars. As per the contract, CNPC of China and Iran's Petropars were other members of the international consortium. Total stake in the project was 50.1 percent, while that of CNPC and Petropars were 30 percent and 19.9 percent, respectively.