Economic review

CNPC to take over Iran oil fields

2018-05-15 13:40:00 (Beijing Time)         Global Times

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China's oil major CNPC is planning to take over Total's participation in Iran's South Pars natural gas project, according to media reports on Monday.

The French oil company is seen as likely to pull out from the project after US President Donald Trump announced the US will abandon the Iran nuclear deal, domestic news website sina.com reported.

Total has a 50.1 percent stake in the South Pars field, the largest natural gas field in the world, with estimated reserves worth $2.9 trillion. CNPC holds 30 percent and Iran's PetroPars has 19.9 percent.

The deal signed last year gives CNPC the option to acquire Total's stake in case of a pullout.