Iran hopes to finalise and sign a $2 billion deal with France’s Total to develop South Pars Phase 11 in two months, Oil Minister Bijan Namdar Zanganeh was quoted as saying by Iran Daily.

Meanwhile, Patrick Pouyanne CEO of Total said last week that the company plans to make a final decision on investment in a $2-billion gas project in Iran by summer, the report added, citing Trend News Agency.

Iran and Total signed a memorandum of understanding on the development South Pars Phase 11 in late 2016. The overall cost of the project is estimated to reach $4.8 billion, the report said.

South Pars Phase 11 aims to produce 1.8 billion cu ft a day of gas, equivalent to 370,000 barrels of oil, which will be fed into Iran's gas network, it added.