Gazprom’s Vitaly Markelov. (Gazprom)
The lifting of international sanctions against Iran in January 2016 prompted oil executives to flock to Tehran to sign memorandums of understanding (MOUs) with National Iranian Oil Co. (NIOC). Drawn by the promise of reformed terms and low lifting costs, IOCs were keen to register their interest in the country’s most promising acreage.
The tide has since turned. IOCs with MOUs have typically said little about their plans in Iran in the wake of the United States’ decision to reimpose sanctions on the country later this...
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