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With a final nuclear deal potentially just weeks away, Iran’s Petroleum Ministry is preparing for life after sanctions, and an upstream opening that promises much.
Iran’s Petroleum Ministry this week announced that it will next week release a list of 49 upstream oil and gas projects that will be on offer to foreign oil companies for investment, once a final deal on Iran’s nuclear program is reached and international sanctions on the country are lifted.
Tehran has long been looking to attract foreign oil companies back to the Iranian energy industry, in a bid to reverse a decline that has seen oil output slide, natural gas production (until recently) stall, and countless projects across its upstream, midstream and downstream sectors delayed, or even shelved indefinitely. (CONTINUED - 2016 WORDS)