Total boss Patrick Pouyanne has said the firm would be happy to be the first Western oil company to reach an agreement with Iran.
The oil and gas chief executive said a deal had not yet been signed but discussions are “going on” to see if a deal can be struck in the “coming days”.
Pouyanne was asked about the estimated $6billion value of the potential deal and said developing a phase of South Pars gas field would be more “in the range” of $2billion.
It comes after Iran’s SHANA new agency said on Monday that Total and China National Petroleum (CNPC) would sign fresh contracts on Tuesday with National Iranian Oil Company (NIOC) on the second phase of the South Pars gas field.
Total has had a previous involvement in South Pars, one of the largest natural gas deposits in the world, which is located in the middle of the Persian Gulf.