National Iranian Oil Company (NIOC) and France's Total Oil and Gas Company are set to finalise an agreement to cooperate in the development of South Pars Gas Field, a report said.

"Final agreement will be signed between NIOC and Total to develop the Phase 11 of the South Pars gas field in upcoming days, NIOC managing director Ali Kardor was quoted saying in the Iran Daily report, which cited Fars News Agency.

Total signed a preliminary agreement with Iran last year to develop Phase 11 of the giant South Pars Gas Field. The French major company would lead a consortium which also includes China's CNPC and Iran's Petropars in the project, the report said.