Total starts work in Iran

IRNA – Ministry of Cooperative, Labor and Social Welfare announced on Monday that authorization for the occupation of experts and directors of ‘Total-Iran BV’ Oil Company have been issued.

Directorate general for foreign national employment affiliated to the Ministry said that Total-Iran BV Oil Company was registered in Iran in October 2017.

The company is due to invest in upstream, midstream and downstream projects of oil and gas projects.

The first new oil contract in post-JCPOA era was signed in July 3, 2017 between National Iranian Oil Company (NIOC) and an international consortium led by French Total Oil Company to develop Phase 11 of South Pars.

The contract worth 4.8 billion dollars , which will increase 56 million cubic meters daily to Iran’s extraction capacity from South Pars Gas Field, which is common with Qatar.

Petroleum Ministry in its new model oil contracts, forced international companies to do the job in partnership with an Iranian firm and use Iranian-made instruments and tools.