Head of Total's Middle East, Exploration and Production Division said on Monday that the French oil giant is ready to finance oil projects and transfer related technical know-how to Iran in the post-sanctions era.
Stephane Michel told IRNA on the sidelines of Oil and Energy Seminar in Tehran that his company had been contributing to projects to developing South Pars Gas Field in the pre-sanctions era but had to stop activities and leave Iran once the restrictions were enforced.
He said his company is ready to return to Iranian oil industry after the removal of sanctions, adding, "Total has extensive experience in various parts of the world such as the Middle East, Africa, Brazil and Russia which it can benefit from in future projects."
He said a 50-percent decline in oil prices pose a serious challenge to the oil industry. Regarding fall in the prices, Total wants to pay the cost for the implementation of oil projects in Iran and other parts of the world, he added.
The official said that it is essential to use the world's latest and sophisticated technology to reduce the costs of oil production, adding Total has the latest technology for development of oil industry and tries to upgrade productivity and coefficient of recovery.
Michel said Iran is one of the major possessors of oil and gas reserves in the world and can play a key role in the world energy market.