France’s Total signs an agreement to develop Phase 11 of Iran’s offshore South Pars Gas field, which is the world’s biggest natural gas field. The deal is considered as the first foreign deal since US sanctions on Iran were eased in 2016, according to Bloomberg.

South Pars Phase 11 project is expected to have a production capacity of 1.8bcf/d, or 370,000 boe/d.

“The gas produced will feed into the domestic Iranian market starting from 2021,” a Total spokesman stated. “The company would implement the project with the strictest respect for national and international law,” he added, according to France 24.

Total also started talks to invest in Iran’s petrochemical industry, as informed on Iran Daily.