Iran’s state oil firm and France’s Total will soon finalise a deal to develop South Pars 11 project, Iranian Minister of Petroleum Bijan Zangeneh said.
National Iranian Oil Company (NIOC) will finalise the deal before the end of President Rouhani's first term in office, Zaganeh said, according to Iran’s Shana news agency.
Rouhani, who was elected president for a second term, will complete the four years of his first term on August 3, 2017.
Zangeneh said articles of the deal are being reviewed by NIOC and it will be ready for signature before the end of the first Rouhani administration.
"Iran and Total are engaged in concluding discussions regarding the deal which is almost ready for signature," he said on Saturday.
Last week Iranian media said NIOC would sign a deal for development of the project with a consortium comprising the Total and Iran's Petropars Company.
Zangeheh also said that development of Iran's joint oil and gas fields under the newly-devised oil contract model is top on the agenda of the Iranian Ministry of Petroleum in the current calendar year which began on March 21.