Total signed a Heads of Agreement (HoA) with Iran on 8 November to develop phase 11 of South Pars gas field. Under the arrangement, Total will have a 50.1% operating stake, Chinese state firm CNPC 30% and local firm Petropars 19.9%.

This is the most concrete agreement yet between a major Western IOC and Iran since international sanctions were eased in January. Negotiations are ongoing to finalize a 20-year agreement between the partners under the framework of the newly-designed Iran...