With prospects for a nuclear detente between Iran and the international community, and thus a lifting of sanctions, better than they have been in over a decade, Iran’s Oil Ministry is drawing up big plans for an upstream opening it hopes will attract some of the industry’s biggest players.

Iran has already made clear its intention to begin ramping up production as soon as the nuclear talks permit, with Oil Minister Bijan Zanganeh targeting 3.8mn b/d output, up from around 2.8mn b/d today, within just six months of sanctions being lifted (MEES, 8 May). (CONTINUED - 504 WORDS)