Paris - The Iranian nuclear deal, which heralds a lifting of sanctions choking the country's economy, could offer an unparalleled opportunity for foreign oil companies, but may take time to tap.
Thursday's deal "could represent a first step towards a return of Western oil companies" to Iran, said an analyst.
The sanctions imposed on Iran by the United States, then by the United Nations and European Union, led to the gradual departure of major Western oil companies, leaving just Chinese and Indian firms.
The lifting of sanctions offers a rare opportunity: entry into a country that is both a major oil and gas producer.
Despite sanctions cutting oil output by over a quarter, from 4 million barrels per day in 2008 to 2.81 mbpd on average in 2014, Iran still remains the fifth largest producer in the OPEC oil cartel. It exports around 1.1 mbpd of oil.
Iran holds the second-largest gas reserves in the world behind Russia.
"Iran is a country with considerable oil and gas potential," said Francis Perrin, head of the SPE group of energy policy trade journals.
But any return is at least months away, according to Pierre Terzian, head of the Petrostrategies weekly.
Thursday's deal is "a political accord containing the major principles. They will have to work on the technical details and reach a definitive agreement" by June 30, he said.
Moreover, as French Foreign Minister Laurent Fabius said Friday, there is still no deal on when the sanctions would be lifted.
Iran has pushed for an immediate lifting of the sanctions during the negotiations, but the P5+1 -- Britain, China, France, Russia and the United States plus Germany -- have favoured phasing them out over two years.
Once sanctions are lifted, Iran will no doubt be looking to market the oil stocks it has accumulated in order to raise cash.
It could then "before the end of the year increase its (production) level significantly", said Guy Maisonnier, an economist at IFP Energies Nouvelles research centre, pointing out it produced 3.4 to 3.6 mbpd in 2012.
But the hike in production depends upon the condition of Iranian oil wells and refineries, which haven't had access to spare parts and technology from the West for several years.
AFP
