Spain's biggest oil group, Repsol, and British-Dutch peer Royal Dutch Shell are renegotiating their participation in a multi-billion dollar natural gas project in Iran but still want to take part, a Repsol internal source said Monday.

"Repsol and Shell are currently negotiating with the government a change" in their participation in the development of the project at Iran's huge South Pars gas field, she told newswire AFP.

The two firms want to exchange their participation in bloc 13 for a role in bloc 20 or 21 due to rising development costs, she added. ... Read full article