Chief Executive Christophe de Margerie said he cast doubt on whether the sanctions would have any impact.
"I think (the Iranian) oil will go somewhere else ... Iran may give a discount to make it easier and quicker but nothing will change," he told Reuters at the Global Economic Forum in Davos.
"We have already stopped (buying from Iran)," he said, adding the company had been buying roughly 80,000 barrels per day (bpd) from the country.
De Margerie said the oil market had concluded that the European sanctions would have little real impact.
"Today they (Iran) export 2.2 million bpd with 1.5 million going to Asia. The remaining 0.7 million bpd goes to the OECD. So Iran may give a discount to make it easier and quicker (to re route this oil) and nothing will change. Look at the price of oil," he said.
"Even if we stop buying Iranian oil for some reason, the Saudi Arabia has sufficient capacity to match the gap. I believe in this (Saudi) spare capacity, the market believes. This is why the oil price is flat and this is good news."
