National Iranian Oil Company (NIOC) says Malaysia's Petronas will retain its stake in phase 11 of the South Pars gas field, after China National Petroleum Corporation (CNPC) signed a $4.7bn deal for development of the project in early June.
CNPC's deal to develop the upstream portion of phase 11 appeared to displace Petronas and its joint venture partner, France's Total, from the project.
But Petronas now says it will retain its role in the project and expects to start talks with CNPC shortly, according to Iran's state-run energy news agency, Shana.
Seyfollah Jashnsaz, managing director of NIOC, said on 4 June that the option still remained for Total and Petronas to work on the downstream and liquefied natural gas (LNG) portion of the development despite CNPC's involvement (MEED 4:6:09).
Total has yet to comment.
MEED revealed in November that Tehran was in talks with CNPC over investing in the South Pars gas development (MEED 28:11:08).
Total and Malaysia's Petronas signed a deal in 2004 with NIOC to develop phase 11, but have been deterred in recent years by the impact of international sanctions on Iran.
Under their consortium's structure, NIOC holds 50 per cent, Total has 30 per cent and Petronas retains a 20 per cent stake.
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