PRESS_UTL -- Oil giant Total says the French company cannot afford to lose deals with Iran as it is one of the largest oil producers in the world.
In an interview published on Thursday, Total's Chief Executive, Christophe de Margerie, told Liberation, "Iran is one of the largest oil-producing countries in the world. And in terms of gas, we are far from having made all the discoveries possible. We can not afford to be absent."
However, he stressed that the company could not invest tens of billions of euros in Iran during this period of international tension and that projects are on hold.
De Margerie explained that despite the global political situations, oil and gas are not "stop and go" industries with investments covering 20 to 30 year periods. He cited Libya as an example: "It was difficult at times. If we had left, there would never be an income."
"There is a general decline in oilfields. If we don't move we're heading for a real problem. And the decision makers, who have environmental problems in mind, seem to forget the question of access to energy," he warned.
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