Oil Firms Circle As Iran Nuclear Deadline Nears

With a nuclear deal potentially just weeks away, some of Europe’s biggest oil majors are jostling for position at the head of a growing queue of foreign oil companies eying a piece of Iran’s upstream, post-sanctions.

Foreign oil companies were again talking up their interest in returning to Iran’s upstream this week, as marathon talks aimed at breaking the decade-long deadlock over the Iranian nuclear program entered their final weeks, ahead of a 30 June deadline set by a draft agreement struck earlier this year.

Speaking to reporters at the triennial International Opec Seminar in the Austrian capital Vienna, several top international oil company (IOC) executives reiterated their keenness to explore the opportunities on offer in the Iranian oil and gas sector, though only once a comprehensive deal on Iran’s nuclear program has been struck, and the sanctions on its oil are lifted. (CONTINUED - 1782 WORDS)