Iran open its doors for western energy companies

Tue, 03.01.2017 16:36

More than two dozen foreign oil and gas companies are willing to go into the energy market of the Iranian economy. And all because the energy sector opens the doors for investors.

Sanctions pressure started easing in early 2016 after Iran was confirmed to have met the terms of a multilateral agreement that commits Tehran to stepping away from the technology needed to make a nuclear weapon. The government during the latter half of last year reached preliminary arrangements with several foreign energy companies, including some that have their main business offices in the United States.

SHANA, the official news agency of the Iranian Oil Ministry, released a list of 29 foreign oil and gas companies that are qualified to take part in any upcoming tenders for exploration and production.

According to the National Iranian Oil Co., it's a "big step" in opening Iranian oil and natural gas fields up to Western investors. Iran is the only member of the Organization of Petroleum Exporting Countries that has an allowance for production growth according to a deal reached last year.

Schlumberger, the largest oil- and gas-field services company in the world, is the only one on the list that has offices in the United States. The company in November signed a MOU with the Iranian oil company for data sharing as it relates to work on oil fields straddling the western Iranian border with Iraq.

Most of the 29 companies on the list published by the NIOC are Asian. European players like Austrian energy company OMV and French supermajor Total have also waded into the Iranian energy sector by signing agreements of their own last year.

Read this article in russian.

Source: upi.com

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