Total signed a preliminary deal for the project last year, and today stated its intentions in a regulatory filing with the U.S. Securities and Exchange Commission (SEC).
The move makes Total the first Western supermajor to sign a deal with Iran on energy following the easing of sanctions.
According to Total’s SEC filing, the company would finance 50.1 percent of the South Pars 11 project, which requires a total investment of US$4 billion.
If this deal goes through, Total would be the operator of the project, while China’s CNPC would hold a 30-percent interest through a subsidiary, while Iran’s Petropars would hold 19.9 percent.
A final investment decision is expected from Total this summer, while Iran is expected to finalize contracts in April, according to Reuters.
It gets tricky, though, with the possibility that the new regime at the White House may not renew sanctions waivers.