Total may pull out of Iran South Pars project
France’s Total said on May 16 it may pull out of the Iran South Pars 11 (SP11) energy project in light of a decision by U.S. President Donald Trump to withdraw from an international nuclear deal with Iran, E&P reports.
“On 8 May 2018, President Donald Trump announced the United States’ decision to withdraw from the JCPOA (nuclear agreement) and to reinstate the U.S. sanctions that were in force before the JCPOA's implementation, subject to certain wind down periods,” Total said in a statement.
It added that as a consequence, “Total will not continue the SP11 project and will have to unwind all related operations before 4 November 2018, unless Total is granted a specific project waiver by U.S. authorities with the support of the French and European authorities.”
Total said it would not be making any further commitments towards the Iranian South Pars project for now, and added it was engaged with French and U.S authorities over the possibility of a waiver to the project.