Iran whitelisted 29 international companies for developing oil and gas projects

Iran oil business

Iran oil businessThe Iranian oil ministry published a list of 29 international companies have been approved to participate in tenders for oil and gas projects of the country, after the repeal of sanctions following the nuclear agreement. In the list of the white-listed companies are several international giants, including Total, Shell, Eni, Gazprom and Schlumberger.

Last October, Iran invited foreign companies to bid for development of oil and gas deposits and participate in industrial projects. This happened after in 2015, the country reached a nuclear agreement with Western powers.

The British-Dutch Royal Dutch Shell, French Total and Russian Gazprom have already signed preliminary agreements with Iran to develop oil fields. The agreements represent a public commitment of companies to start discussing the partnership with Iran’s state oil company.

Iran significantly increased sales of oil in 2016 after removing of the sanctions related with country’s nuclear program. Although OPEC agreed to reduce their collective oil production from January 1, 2017, Tehran received a discount to increase yields by 90,000 barrels per day to 3.797 million barrels per day since the beginning of this year.

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