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and PC will be ready to take it over fully, Reuters quoted a senior state oil official with knowledge of the contract as saying.

So, for those who don't really grasp the significance of this at first glance, this is huge.

As I say, the South Par's gas field is far and away the largest natural gas field in the world, and it's still largely undeveloped.

It is in the process of being developed. China has already sunk $20 million into just planning to develop the field,

and they have a 30% stake in the field. The Iranian national oil company Petro Par's has 19.9%, and Total has 50.1%,

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