Iran, Total Reach Historic Gas Deal

(RTTNews) - French oil giant Total SA plans to sign a $6 billion deal with Iran to develop an offshore gas field, thus to become the first Western energy company to invest after the international sanctions were lifted early this year.

Although, the sanctions against Iran's energy industry were lifter in January, the gulf country has not been able to lure any western energy companies to make a substantial investment in the country.

The deal with Total will help Tehran to expand its oil and natural gas reserves. Iran has the world's second-largest gas reserves, and fourth-largest oil reserves, according to the US Energy Information Administration.