By Alberto Delclaux
Total SA (FP.FR) said Wednesday it will unwind its operations in the Iran South Pars gas project before November unless it gets a project waiver from U.S. authorities and will not make any further commitments to the project, as a result of the U.S. withdrawal from the Iran nuclear deal.
The French oil-and-gas giant said it will engage with French and U.S. authorities to examine a possible project waiver, which should include protection from any secondary sanctions as per U.S. legislation.
If it doesn't get a waiver, the company will have to unwind operations related to the project before November 4, 2018, it said .
Total said it has spent less than 40 million euros ($47.5 million) related to the project up to this date. A withdrawal from the project will not impact its production target of 5% compound annual growth rate between 2016 and 2022, it added.
Write to Alberto Delclaux at [email protected]