Iranian Minister of Petroleum Bijan Zangeneh says a deal to develop South Pars 11 project between NIOC and the Total will be finalized before the end of President Rouhanis first term in office.

Zangeneh said articles of the deal are being reviewed by National Iranian Oil Company (NIOC) and it will be ready for signature before the end of the first Rouhani administration.

"Iran and Total are engaged in concluding discussions regarding the deal which is almost ready for signature," he said on Saturday.

Last week word had got out that NIOC would sign a deal for development of the project with a consortium comprising the Total and Irans Petropars Company on Thursday.

Mr. Zangeheh further said that development of Irans joint oil and gas fields under the newly-devised oil contract model is top on the agenda of the Iranian Ministry of Petroleum in the current calendar year which began on March 21.