Int’l Oil Firms pitch for Iran Projects

Iran has received the first wave of proposals by major international companies to develop oil and gas projects within the new format of oil contracts recently approved by the administration of President Hassan Rouhani.

Ten companies including big European firms such as Total, Lukoil, Shell, Eni, OMV and Asian giants like CNPC, Sinopec and Pertamina have so far submitted their proposals to Iran’s Ministry of Petroleum for the development of 15 projects.

Several of the key projects that the companies have aimed for are the same ones they had been previously involved in or for which they had been negotiating with Iran in the past.

The most lucrative project up for the grabs may be South Azadegan for which Total has presented its proposal.

South Azadegan (pictured) was discovered in 2001 in what was described at the time as the world’s biggest oil find in decades.

Next in line could be Yadavaran for which both Shell and Sinopec have presented their proposals.

Total and Shell had been negotiating with the National Iranian Oil Company (NIOC) in early 2000s over the development of South Azadegan and Yadavaran but their talks did not lead to an agreement.

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