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Total Ready to Tech Transfer, Finance Iran Post-Sanction Oil Projects

Source: 10/25/2015, Location: Asia

The President Middle East and North Africa of Total Exploration and Production said France’s energy giant is ready for financing Iran’s oil projects as well as for transferring of technology following removal of sanctions.

“Total was present in the development of the South Pars field but had to end its activities after sanctions were intensified,” ?Stephane Michel said at the Iranian Petroleum and Energy Club 2015 Congress and Exhibition (IPEC 2015) which opened here on Monday.

Referring to the 50 percent plunge in the global crude oil prices as a fundamental challenge for the industry, he added, “We are going to lower project const in Iran and other parts of the world.”

The three-day IPEC 2015 conference started one day after formal end to anti-Iran sanctions and participants are going to discuss the theme Post-Sanctions Iran: An Open Door to Oil and Gas Investment Opportunities.

Besides Michel, chief executives and policy makers in the field of energy and delegates from OPEC, GECF and IEA are taking part in the conference.

Invited speakers to Conference include representatives from OPEC, GECF, IEF, Total, Eni, Ansaldo, World Petroleum Council, OMV, Mistsui, Siemens, Mitsubishi Hitachi Power System, Linde and Mitsui.

“Iran is one of the worlds’ biggest holders of oil and gas reservoirs and can play an important role in the global energy market,” said the Total official.

In September, Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi and Total’s President of Exploration and Production Arnaud Breuillac met here and expressed determination of their companies to expand cooperation in areas of mutual interest.

“NIOC welcomes cooperation with Total and the French company’s interest in Iran’s new oil contracts,” Javadi told Shana after a meeting here with Breuillac.

“With introduction of new contracts, there would be fresh opportunities in exploration, development, production, and enhanced output projects for foreign firms,” he added.

The French executive said Total is expecting unveiling of the new contracts so that it can plan for investment and cooperation with Iran based on its expertise and capacities.

“Total wants to resume cooperation with Iran’s oil industry,” Breuillac said.

Iran will introduce its new oil contracts in November and December in Tehran and London respectively.

“New contracts with foreign companies will be signed in the IPC (Iran Petroleum Contract) framework which I think will be more attractive,” Petroleum Minister Bijan Zangeneh said in August.

“More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” he stressed in a televised program in early September.

In the wake of nuclear deal, Iran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

French Foreign Minister Laurent Fabius traveled to Tehran only few days after a nuclear deal was reached between Iran and P5+1 group of world powers in Vienna in July.

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