Iran says French energy giant Total is still to officially announce its withdrawal from one of the country’s biggest gas projects with a top official saying no change has been occurred in the combination of a consortium formed over the project.

China’s CNPC will take over if Total quits the South Pars project and in case both companies leave it, Iran’s PetroPars will step in, NIOC deputy head Golamreza Manouchehri says.

The company says it is unable to carry on with the project unless it is granted a specific waiver by US authorities that would protect it against sanctions.  

Total CEO Pouyanné expects that new geopolitical developments would push oil prices to new highs.

Iran says a Chinese company is ready to replace French energy giant total if it exits South Pars 11 under US pressure.

French energy giant says it will ask for a waiver if the US decides to pull out of the JCPOA.

Total CEO Patrick Pouyanne says Total is consulting with French and European authorities over protecting its investments in Iran, in case there was a resumption of sanctions.

Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), says Total, Royal/Dutch Shell, CNPC and Inpex have presented the results of their technical surveys over the development of Azadegan oil field.

Reuters in a report has quoted Chinese industrial officials as saying that CNPC could take over Total in a project to develop an Iranian gas field should sanctions force the French energy giant out.

Iran’s Petroleum Minister Bijan Zanganeh says Total can only withdraw from the project to develop South Pars Phase 11 if sanctions by the UN Security Council force it to do so.