Stephane Michel, head of Total’s Middle East, exploration and production division announced that his company will finance oil projects and transfer related technical know-how to Iran in the post-sanctions era, reported Trade Arabia.

He made these remarks  on the side-lines of the Oil and Energy Seminar in Tehran, adding that with the 50% decline of oil prices it was essential to use the world’s latest and sophisticated technology to reduce the costs of oil production.

He said that Total has the latest technology for developing the oil industry and was always trying to upgrade productivity and the coefficient of recovery.

According to Press TV, the French energy giant was originally involved in the development of Iran’s Sirri A&E oil project (1995), South Pars Phases 2&3 gas project (1997) and Balal & Dorood oil project (1999), before sanctions were imposed.

Michel also described Iran’s oil and gas reserves as significant, stressing that the country can play an important role in the global energy market.