Upstream activities include oil and natural gas exploration, field development and production.

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Funding for development of the gas field is now on hold, he said, due to banks' concerns about the new tax regime.

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Meanwhile, the head of Total, Christophe de Margerie, told the Financial Times the company's planned development of the huge South Pars gas field in southern Iran would not go ahead.

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Most of its efforts are concentrated in the South Pars gas field where it holds high percentages in various exploration and development projects.

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It was agreed that they would, instead, accelerate development of secure OECD supplies, notably Norway's Troll gas field.

CENTERFORSECURITYPOLICY: Center For Security Policy