Total: announces stance regarding South Pars 11 in Iran

(CercleFinance.com) - Following the United States' decision to withdraw from the Iranian Nuclear Agreement (JCPOA) and reinstate US sanctions, Total has announced its stance on the South Pars 11 project in Iran.


The group says that it will not be able to continue the SP11 Project and will have to terminate all related operations by 4 November 2018, unless a project-specific waiver is granted by the US authorities, with support from the French and European authorities.

"Total confirms that its actual spending to date with respect to the SP11 contract is less than 40 million euros in Group share. Furthermore, considering the various growth opportunities which have been captured by Total in recent months, Total confirms that a withdrawal from SP11 would not impact its production growth target of 5% CAGR between 2016 and 2022," management added.



Copyright (c) 2018 CercleFinance.com. All rights reserved.