Tehran — Iran plans to sign a formal contract with Total and China National Petroleum on Monday to develop its share of the world’s biggest natural gas field — the first investment in the country by an international energy company since sanctions were eased in 2016. Total CEO Patrick Pouyanne would be in Tehran for the signing of the formal agreement, Parastoo Younchi, the Iranian oil ministry official in charge of foreign media relations, said. Total and China National Petroleum signed a "heads of agreement" with National Iranian Oil in November 2016 to develop phase two of the South Pars gas field, a deal that was valued then at $4.8bn. Under the preliminary accord, Total will control 50.1% of the project. China National Petroleum will have a 30% interest and Iran’s Petropars 19.9%. Iran holds the world’s biggest gas reserves, estimated by BP at 33-trillion cubic metres, and is the third-biggest oil producer in the Organisation of the Petroleum Exporting Countries.
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