Total Eyes Iran's LNG Sector

France’s Total is looking to work on LNG and oil projects in Iran, company’s Chief Executive Patrick Pouyanne told Russia’s Kommersant last week, reported Reuters.

"We are looking at both gas and oil. When we had to leave Iran in 2006 we were actively working at an LNG project at South Pars (field). So, first of all, we are closely looking at LNG projects," he told the Russian newspaper on Friday. 

Pouyanne told the newspaper that Total's participation in Iran's oil and gas development would depend on the terms that Tehran offers to foreign investors, Reuters said.

Having reached a nuclear deal with six world powers on Tuesday, Iran hopes that international sanctions of Tehran would be lifted paving the way for entry of large energy majors.

Iran has one of the biggest gas reserves in the world but due to sanctions the industry is extremely underexploited. Tehran’s gas exports are negligible as most of its output is consumed domestically. However, experts believe that all this could change in next few years and Iran could begin to exports substantial volumes of natural gas.