Complete began the South Pars 11 challenge in July 2017, two years after Western powers signed a nuclear take care of Tehran prompting the return of many companies to Iran.
In a statement yesterday, it said: "Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before November 4, 2018, unless Total is granted a specific project waiver by U.S. authorities with the support..."
The oil company said United States institutions were involved in 90pc of its financing operations, and make up 30pc of its shareholder base.
A withdrawal from the Iran challenge wouldn't have an effect on Complete's present general manufacturing targets because the group had since opened up different progress alternatives, it mentioned.
The project waiver should include protection of the Company from any secondary sanction as per USA legislation, it added.
Supporters of the deal, which lifted earlier sanctions on the Islamic Republic in exchange for it curbing its nuclear ambitions, need to find a way to reassure companies that their investments are beyond Washington's extra-territorial reach.
Following the worldwide agreement three years ago to ease the embargo against Iran, companies began exploring trade and investment with the former isolated state. Upon withdrawing from the agreement, President Trump stated that he will once again impose sanctions on Iran, and companies that wish to do business utilizing the USA banking system will be sanctioned if they continue to do business with Iran after a period of 90 days.
When the Iran agreement was signed and sanctions were ended, Total was among the first corporations to sign business agreements with the Iranian government.
Total says that it has spent about 40 million euros developing the project to this point. "They have us by the throat because so much business is conducted and cleared in dollars", one European investment banker said.
The French state-backed oil group said that without an exemption from the USA it would halt work at the world's largest gas field and wind down all its activities by November 4.
Joe Kaeser, the CEO of Germany's Siemens, told CNN his company would not be able to do any new business with Tehran.
Iran's oil minister Bijan Zanganeh said on Wednesday, that Tehran would overcome pressures resulting from the United States' withdrawal from the nuclear deal.