BP and Royal Dutch Shell are close to finalising preliminary agreements to evaluate exploration and production opportunities in Iran, the International Oil Daily has reported.
The imminent deals represent a major breakthrough for international oil companies in Iran and delivers a boost to the Islamic Republic’s efforts to restore relations with the Western business community after the relaxation of sanctions in January.
Total’s president for E&P, Arnaud Breuillac, said on Monday on the sidelines of an annual Society of Petroleum Engineers gathering in Dubai that the company was looking at a range of opportunities under its MOU but, for now, “we are waiting to find out the terms [of the IPC] because without knowing the terms there is no point to discuss.
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