205 words

Controversial Iranian-French gas deal

French energy giant Total is to sign a $5bn contract to develop an Iranian gas field – the biggest foreign deal since sanctions were lifted

SHARED INVESTMENT 
TOTAL One of seven supermajor oil companies 50.1%
CNPC* (China) 30%
Petropars (Iran) 19.9%

SANCTIONS TIMELINE
1979, Iranian Revolution: Shah overthrown, Islamic Republic led by Ayatollah Khomeini
instated. U.S. imposes economic sanctions after radical students seize hostages at U.S. Embassy
1995: Sanctions expanded to ban investment in and trade with Iran
2006: UN imposes sanctions after Iran refuses to suspend uranium enrichment programme, which West fears is intended for development of nuclear weapons. Further U.S. sanctions specifically target investments in oil and gas
2015: Swiss talks reach agreement on framework to lift most sanctions in exchange for limits on Iran’s nuclear programme
Jan 16, 2016: UN lifts sanctions on Iran 
May 2017: U.S. says it will continue to waive sanctions, despite Donald Trump’s view
that agreement is “worst deal ever negotiated”

50km 30 miles
IRAN
South Pars gas field
North Field gas field (Qatar)
Exclusive Economic Zone
Persian Gulf
Doha
QATAR
SAUDI ARABIA
U.A.E.
IRAN

Sources: Stratfor, Oil & Gas 360, wire agencies

*China National Petroleum Corp.

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