Total prepared to abandon USD 5 billion deal for Iranian gas field

French oil major Total will abandon its investment in a gigantic gas field in Iran, unless it can get assurance that it will not be hit by US sanctions. The oil company is concerned about losing access to capital in the US.

Arkive photo | Photo: Total

Total is ready to withdraw from a huge deal for an Iranian gas field, unless it can get assurances that it will not be hit by US sanctions.

In 2017, the French oil company entered a deal for nearly USD 5 billion for phase-11 development of the South Pars gas field, which is located in the Persian gulf and is estimated to contain vast reserves of natural gas.

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