TEHRAN, July 2 (Xinhua) -- Iran will sign a multi-billion-dollar deal with a consortium led by France's energy giant Total to start developing a major Iranian gas field in the Persian Gulf.
The National Iranian Oil Company and a consortium involving France's Total, China National Petroleum Corporation and Iran's Petropars signed a MoU in November 2016 to develop Iran's South Pars gas field.
The contract for the development of the gas field in the Persian Gulf region is worth 4.8 billion U.S. dollars.
Iran expects to produce as much as 56 million cubic meters per day of natural gas from the field once it is in full swing.
The contract to develop Phase 11 of South Pars gas field in the Persian Gulf would contribute to the development of relations between Europe and Iran, a Total spokesman said.
The South Pars field is a natural gas condensate field located in the Persian Gulf. It is the world's largest gas field shared between Iran and Qatar.
According to the International Energy Agency, the field holds an estimated 51 trillion cubic meters of in-situ natural gas and some 50 billion barrels of natural gas condensate.
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