French energy giant Total S.A. (TOT) will sign a $5 billion contract with Iran by Mar. 20 to develop phase 11 of the giant South Pars natural gas field in the Persian Gulf, the state Islamic Republic of Iran Broadcasting, or IRIB, reports Wednesday.
"The main subject of negotiations (between Iran and Total) was on South Pars phase 11; (these negotiations) are currently about to be concluded," IRIB cites the head of National Iranian Oil Co., Seifollah Jashnsaz, as saying.
"According to this contract, France's oil company Total will undertake the development of the upstream sector of South Pars phase 11 and will build liquefied natural gas, or LNG, plants for the downstream sector," Jashnsaz said, according to IRIB.
Jashnsaz said Royal Dutch Shell PLC (RDSA) and Spain's Respol YPF SA (REP.MC) have also come forward for new discussions with Iran, IRIB reports.
"Italy's oil company Eni S.p.A. (E) is in active talks over the development of phase three of the Darkhovin oil field. Discussions with Eni will conclude in a contract by the end of the (Iranian) year or by the beginning of next year," Jashnsaz added, according to IRIB.
The Iranian year ends Mar. 20.
Iran has also begun natural gas talks with Germany's E.ON AG (EOAN.XE), IRIB reports.
"The main purpose of this company is to invest in the Iran LNG project and then to invest in Iran's remaining gas fields," IRIB cites Jashnsaz as saying.