Oil Moguls Eying on Irans 50 Investment OpportunitiesTEHRAN (NIOC) _ Total, Royal Dutch Shell Plc and Lukoil PJSC are among the companies that have been in the forefront of discussions and Eni SpA is also looking to invest, Iranian Oil Minister said.
Total SA, are among international companies that have selected oil and natural gas deposits to develop in Iran as the holder of the world’s fourth-largest crude reserves presents $30 billion worth of projects to investors.
Shell, Total and Lukoil all specified fields they would be interested in developing in Iran, Ali Kardor, deputy director of investment and financing at National Iranian Oil Co. said in an interview in Tehran.
"Many companies are interested. Europeans are interested, Asian companies are interested," Zanganeh told reporters at a conference in Tehran on Saturday. "Total is interested, Eni is interested."
Iran is pitching more than 50 oil and natural gas projects valued at $30 billion to foreign investors at a two-day conference in Tehran that started today as the Persian Gulf country prepares for the end of sanctions that have stifled its energy production. All banking and economic sanctions will be lifted by the first week of January," Amir Hossein Zamaninia, deputy oil minister for international and commerce affairs, said at the event.
"We are interested to come back to Iran when the sanctions are lifted and if the contracts are interesting," Stephane Michel, Total’s head of exploration and production in the Middle East said at the conference. "We have worked in this country for a long time, so we know specific fields on which we’ve worked." Representatives of Lukoil and Shell declined to comment at the conference.
Iran won’t have a problem to sell an additional 500,000 barrels a day once the sanctions are lifted, and the quantity won’t have a significant impact on prices, Zamaninia told reporters. The country hopes it can reach an agreement with fellow members of the Organization of Petroleum Exporting Countries so that Iran’s planned additional production remains within the 30 million barrels a day OPEC production ceiling, he said. Iran doesn’t expect OPEC to change that output target at its Dec. 4 meeting, Zanganeh said.
The country plans to boost total oil output capacity to 5.7 million barrels a day by the end of 2020, with the help of new production contributed through new energy contact models, Roknoddin Javadi, managing director of state-run National Iranian Oil Co., said at the event. The figure includes both crude and condensate output, he said. Iran pumped 2.7 million barrels a day in October, according to data compiled by Bloomberg.
Iran could sign its first development contract in March or April, Kardor said. The new 20-year energy contracts framework will be introduced to investors at the Tehran conference, he said. "The next step is for foreign vendors to make a technical assessment and choose a domestic partner."s
Iran’s crude oil exports fell to an average 1.4 million barrels a day last year from 2.6 million in 2011 due to the international sanctions on the country, U.S. Energy Information Administration data show.