French energy company Total will finance oil projects and transfer related technical know-how to Iran in the post-sanctions era, a senior official was quoted as saying in a report.

The company had been contributing to projects to developing South Pars Gas Field in the pre-sanctions era but had to stop activities and leave Iran once the restrictions were enforced, Stephane Michel, head of Total's Middle East, exploration and production division said on the side-lines of the Oil and Energy Seminar in Tehran, reported Iran Daily News.

He said that Total has the extensive experience in various parts of the world such as the Middle East, Africa, Brazil and Russia which it can help Iran gain benefit from in future projects.

He added that a 50 per cent decline in oil prices poses a serious challenge to the oil industry.

The official said that it is essential to use the world's latest and sophisticated technology to reduce the costs of oil production, adding Total has the latest technology for development of oil industry and tries to upgrade productivity and coefficient of recovery.

Michel said Iran is one of the major possessors of oil and gas reserves in the world and can play a key role in the world energy market, the report added.