All eyes on Iran’s MOP following nuclear deal

By Verity Ratcliffe 16 July 2015
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Foreign Minister Mohammad Javad Zarif (right) and Ali Akbar Salehi, head of Iran’s Atomic Energy Organisation. (PA) Foreign Minister Mohammad Javad Zarif (right) and Ali Akbar Salehi, head of Iran’s Atomic Energy Organisation. (PA)

The gradual lifting of sanctions on Iran following this week’s nuclear deal represents a golden opportunity for IOCs, but the speed at which oil and gas projects move forward will depend on how quickly Tehran can agree and then process contracts for foreign players.

Iran is expected to tender contracts for around 50 projects, 21 of which have priority status, although any deals must wait until the Ministry of Petroleum finalises a new contractual framework for upstream oil and gas developments.

Even once the framework has been set, the ministry will face an uphill struggle to cope with the expected high number of IOC proposals, which could further delay development of the renascent industry.

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