Iran sanctions uncertainty puts major oil companies in ‘wait-and-see’ mode

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Iran might appear to be increasingly isolated on the global stage but the country’s deputy oil minister said Tuesday that it is on the verge of signing deals with major global oil and gas companies.

Speaking in London, Amir Hossein Zamaninia said Iran was currently negotiating with more than 15 companies from Europe, Russia and Asia to conclude contracts that will open the country to massive oil and gas exploration, development and production.

“These are not overambitious figures and expectations,” he told the ‘Oil and Money’ conference in the U.K. capital. “Our policy is to be able to manage and finalize at least 10 contracts by the end of the Iranian year (March 2018).”

He said Iran had so far signed “memorandums of understanding” (investment intentions) for 28 different projects with companies including Total, Eni and Shell, Russian firms Rosneft and Lukoil, and China’s Sinopec and China National Petroleum (CNPC), among others.

Iran’s oil and gas development deal with Total is perhaps the most noteworthy. Signed in July, the $4.8 billion agreement will see the French oil and gas major develop and operate, along with CNPC and Iran’s Petropars, the giant South Pars (SP11) project, the world’s largest gas field…

Read more : CNBC, 18.10.2017