Total and CNPC have signed up for the $4.8bn redevelopment of South Pars. Iran hopes the finalization of the first major upstream deal with a foreign firm under the new Iran Petroleum Contract (IPC) will help sway others to take the plunge.

France’s Total and Chinese state firm CNPC this week signed up to a 20-year deal for developing the 2bn cfd Phase 11 of the South Pars gas field. Total has a 50.1% stake and CNPC 30%, with local firm Petropars – a subsidiary of the National...