South Pars 11 will not be halted, Iran says

Other parties may assume control of the South Pars 11 gas project in the Persian Gulf if Total pulls out, according to news service Shana.

Iranian Minister of Petroleum Bijan Zangeneh, speaking following signature of a heads of agreement for development of Iran’s onshore Karanj oil field, said: “If Total fails to secure the waiver from the US, the Chinese National Petroleum Company (CNPC) will take over its stake in the project.”

He added that if CNPC too pulled out, the other party of the contract, Iran’s Petropars, would replace it as the project’s major developer of the project.

Mr Zangeneh said CPNC and Petropars were both capable of developing the project’s first phase of natural gas production, “therefore, the project will certainly not be halted.”

Source: Offshore Magazine