TEHRAN (ISNA)- Shell and Total oil and gas companies have expressed their willingness to resume activities in Iran.
Lifting sanctions and opening up Iran’s vast oil and gas resources to global companies will be vital to meeting the world’s future energy needs, according to the chief executives of two of Europe’s top oil companies.
Peter Voser, chief executive of Royal Dutch Shell, and Christophe de Margerie, his counterpart at France’s Total, used the Oil & Money conference in London on Tuesday to highlight the potential energy windfall if sanctions preventing international oil companies from dealing with Tehran were lifted.
“Longer term, Iran’s oil and gas resources will have to be developed to meet demand,” Telegraph quoted Voser as saying.
He was echoed by de Margerie, who said that he hoped doing business with Iran would again be permitted “as soon as possible, not just for Total but for the world and for Iran. Any country cannot stay out of the system.”
Before the tightening of sanctions against Iran a few years ago, Shell and Total were two of the most active companies doing business with the Islamic republic.
In 1999, Shell defied a US sanctions threat to sign an estimated $800m (£492m) deal with Iran to develop two offshore oil fields in the Persian Gulf known as Soroosh and Nowrooz.
The project was completed in 2005. Until 2009, Total was involved in the drawn-out development of Iran’s vast South Pars natural gas field, also in Persian Gulf’s waters.
Shell was reportedly blocked earlier this year from settling a $2.3bn debt with Iran through the supply of grain and medicine.
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