(Persia Digest) – Iran’s Petroleum Minister announced the official withdrawal of the French Total company from the South Pars 11 oilfield project in Iran.

Bijan Zangeneh Namdar said: “Total has officially left the South Pars 11 oilfield project. It announced over two months ago that it plans to leave Iran.”

He reiterated: “The replacement process for Total is currently underway.”

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Persia Digest reported that the first post-JCPOA oil agreement was signed between NIOC and the international consortium helmed by the French Total company on 3 July 2018 to develop the South Pars 11 field. Total had a 50.1 percent share in the deal. The international branch of the China National Petroleum Corporation and Petropars Iran had 30 and 19.9 percent shares respectively.

With the US exit from the 2015 JCPOA nuclear agreement and the reimposition of sanctions against Iran, Total has now left the project.

Based on the agreement, Total would be replaced with the China National Petroleum Corporation as the leader of the consortium.

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