CNPC to take on South Pars interest in Iran

Chinese state-owned oil company CNPC is reported to have taken over Total’s 50.1% stake in Iran’s South Pars gas project, after the French company failed to obtain a waiver from US sanctions against the Middle East country.

CNPC already holds a 30% interest in the offshore field, which Iran calls South Pars and Qatar calls North Field. National Iranian Oil Company subsidiary PetroPars holds the remaining 19.9%.