Iran and international consortium Pergas have signed a preliminary deal for the development of an oil field in southwestern Iran, despite the upcoming reimposition of US sanctions on Tehran, Reuters reported.

National Iranian South Oil Company (NISOC) signed a non-binding Memorandum of Understanding with London-based Pergas for the development of the Keranj field in Khuzestan province.

Pergas aims to produce 655 million barrels of oil over the next 10 years from the field in southwest Iran.

Iranian oil minister Bijan Zanganeh stated that Iran would make all possible efforts to maintain its current levels of oil production and export, predicting that Iran will “emerge as a winner,” from the current situation.

On May 8, US President Donald Trump announced that the US would move to reimpose sanctions on the Islamic Republic and withdraw from the 2015 nuclear deal.

The US Treasury Department will give companies between 90 and 180 days to end their commercial activities in Iran.

French major Total stated on May 16 that it may be forced to abandon its multibillion-dollar gas project in Iran if it does not secure a waiver from the US.