Iran has been eager to conclude the deals with the European energy majors to develop the 11th and 13th phases of the South Pars gas field, but Shell and Total have been cautious over committing to any investments, given the US-imposed sanctions on Iran.
The news source noted the Iranian oil ministry as saying that, while it hoped that Shell and Total would respect their commitment to the South Pars project by June 2008, it was by no means a deadline.
Iran is reportedly looking at other investors to replace the European companies, in case negotiations are not successful. One such potential replacement is expected to be the Russian gas monopoly Gazprom, while Asian companies are also being seen as favored candidates to replace Shell and Total in the projects.
