Iran ready to do business with US Oil and Gas companies
The oil minister of Iran, Bijan Zanganeh recently highlighted that Iran is ready and willing to do business with US oil and gas companies, despite a current prohibition against American oil companies operating in the country.
Whilst most countries decided to lift restrictions on oil and gas companies doing business in Iran, the United States decided to maintain its ban.
Iran has made it no secret that they are intending to develop the oil and gas resources further whether Trump decides to review his policy towards Iran or not. Zanganeh has made it relatively clear that they (Iran) impost no restriction for working or negotiating with American companies and would be willing to start negotiations with the US straight away.
President Trump, however, has shown no sign of edging towards negotiating any business dealings with Iran and has recently criticized European nation’s involvement for their involvement in Iranian energy projects.
For oil and gas companies, Iran is a lucrative region, offering some of the largest untapped oil and gas reserves available. France's Total became in July the first western oil major to re-enter Iran following the lifting of international sanctions with an agreement to develop the giant South Pars offshore gas field. It is likely additional European and Asian businesses will follow in their footsteps.
Iran is currently negotiating 28 contracts with major foreign companies and has a target of achieving ten new agreements with foreign companies by March 2018. Amongst these businesses include Royal Dutch Shell, who recently signed an agreement for the potential development of oil and gas fields in Iran.
Signs show that the lack of negotiations with the United States will have little impact on the future plans of developing the Iranian oil and gas industry.
Iran contains the largest gas reserves and plans to boost its production from 800 million to over 1 billion cubic meters by 2021. Iran also intends to increase its oil production capacity from 3.8 to 4.7 million barrels per day by 2021.
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