The deputy head of the National Iranian Oil Company (NIOC), Gholamreza Manouchehri, said the agreement for the development of Phase 11 of the huge South Pars field was signed during a meeting in Tehran on Tuesday.
The agreement involves a consortium led by Total, which includes the China National Petroleum Corporation (CNPC) and Iran's Petropars, Manouchehri further said. .
The consortium would reportedly make a total investment of $4.8 billion in Phase 11.
He added that 50.1 percent of the investment would come from Total, while China and Iran will take care of the remaining 30 percent and 19.9 percent, respectively.
The agreement marks the first time a Western oil company has been contracted under the new terms for foreign firms working in Iran following the removal of anti-Tehran sanctions.
The sanctions were removed after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a lasting nuclear deal and started implementing it on January 16, 2016.