Giant Oil & Gas Companies Qualify to Bid for Iran Resources

Giant Oil & Gas Companies Qualify to Bid for Iran Resources

Giant Oil & Gas Companies Qualify to Bid for Iran Resources

$TOT, $RDS.A, $RDS.B, $E, $OZGBY, $SLB

Iran’s Oil Ministry has published list of 29 international companies qualified to bid for Crude Oil and Nat Gas projects following the lifting of sanctions under a landmark Nuclear accord.

The list published on the ministry’s website Monday includes several multinational firms, among them Total (NYSE:TOT), Shell (NYSE:RDS.A), Eni (NYSE:E), Gazprom (OTCMKT:OZGBY)and Schlumberger (NYSE:SLB).

In October, Iran invited foreign companies to bid for 50 exploration and production projects for the first time since the 2015 nuclear deal with world powers.

Iran has upgraded its model for Crude Oil contracts, allowing for the full recovery of costs over almost 2 decades. In October, Iran signed the 1st such contract with a local Oil company.

Stay tuned…

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