Pergas International Consortium will replace international companies unable to continue work in Iran because of the upcoming reimposition of US sanctions, The Islamic Republic News Agency (IRNA) reported.

PIC and the National Iranian South Oil Company signed a deal in May 2018 to develop Iran’s Keranj oilfield, one week after US President Donald Trump declared his country’s withdrawal from the 2015 Iran nuclear agreement, Reuters reported.

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

PIC is composed of 11 European, Asian, and Canadian companies.