VIENNA: Iran’s leading oil negotiator says Tehran wants Western oil companies to revive its giant ageing oilfields and develop new oil and gas projects once sanctions are lifted.
Mehdi Hosseini, in charge of revising Iran’s oil investment contract, told Reuters that oil companies will find it hard to pass up Iran’s “low cost, low risk” investment opportunities.
“We will have many promising projects for the international oil companies,” said Hosseini. “Brown fields, green fields and exploration blocks — in both oil and gas.”
Hosseini, said international oil companies (IOCs) could play a role in rehabilitating ageing onshore oilfields of Ahwaz, Gachsaran and Marun as well as Agha Jari and Bibi Hakimeh.
Iran reached an interim deal last month with six Western powers to limit its nuclear programme, under which sanctions on oil investment and trade with Iran may be lifted next year. Paolo Scaroni of Italy’s Eni, was the first Western CEO to meet publicly with the Iranian oil minister and others are queuing up.
Reuters
