BP and Shell close to Iran breakthrough

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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