Iran expects to sign over $20b of energy deals in 2018

October 27, 2017 - 18:9

TEHRAN - Amir Hossein Zamaninia, Iran’s deputy oil minister for international affairs, said the country is expected to sign over $20 billion worth of oil and gas deals in the next year.

“Iran is currently negotiating 28 provisional agreements with foreign oil companies,” Zamaninia told Financial Times.

According to the official, the negotiations are underway with companies including Maersk Oil and Rosneft to develop the oil layer in South Pars, the world’s largest gas field, and with Russian firms, Lukoil, Gazprom, and Zarubezhneft, to develop oilfields including Paydar Gharb, Ab-Teymour and Mansouri.

“Any international oil company that you know, we are negotiating with...except the Americans.” 

The deputy minister said he believed there was “no tangible change in international oil companies’ determination [to invest] and the speed of their negotiations with Iran” since Donald Trump refused to certify Tehran’s nuclear deal with world powers this month.

“We definitely need modern technology. Iranian companies are not able to develop fields without partnerships with foreign companies,” said Zamaninia.
While Iran is looking to raise its production capacity, Zamaninia said the country in principle backed OPEC extending its output cuts, which have been in effect since January 1 this year.

Iran has a production target of 3.8 million barrels per day, a level reached in the second half of 2017.

“We have almost regained our market share,” Zamaninia said.


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