LONDON (Reuters) - Iran signed a new contract to develop its giant South Pars gas field with France's Total (PA:TOTF) and China National Petroleum Corporation (CNPC) on Monday, state media reported.
The first major Western energy investment since sanctions against Tehran were lifted will cost up to $5 billion (3.85 billion pounds), with production expected to start within 40 months, an oil ministry source said.
Total holds a 50.1 interest in the South Pars project with CNPC owning 30 percent and Iran's Petropars 19.9 percent.