France's oil giant Total SA has officially pulled out of Iran after cancelling its $5 billion, 20-year agreement to develop the country's massive South Pars offshore natural gas field over renewed U.S. sanctions.

Total announced in May its decision to cancel the multi-billion-dollar project in Iran because of U.S. sanctions. The group said at the time it couldn't "afford to be exposed to any secondary sanction," including the loss of financing by American banks.

“The process to replace [Total] with another company is underway,” Bijan Zanganeh was quoted as saying, adding that Total was no longer working on its contract to develop phase 11 of the South Pars gas project.

The Oil Ministry’s website SHANA also quoted Zanganeh as saying that Total had announced its plans to leave more than two months ago.

Iranian officials had earlier suggested China’s state-owned CNPC could take over Total’s stake in the South Pars gas project, lifting its interest to more than 80% from 30% now.

Total had pulled out of Iran already once before, in 2008, as Western sanctions over its nuclear program began to ramp up. The 2015 landmark nuclear deal marked a rush for Western businesses to access Iran's large market of 80 million people.

South Pars is the world's largest natural gas filed and is shared by Iran and Qatar, where it's called North Dome.