London, 18 June, IRNA - Oil experts attending the 9th annual World National Oil Companies Congress expressed their willingness to initiate cooperation with Iran�s oil market as soon as the sanctions are lifted.


He added If Iran was not sanctioned then �I am sure we would see many oil companies and many service companies seeking to do business there�.

The energy advisor referred to Iran as an area that has been closed for some times and said: It�s obviously a place that will probably have a quite lot of interest as soon as the sanctions are lifted.

�Telling� continued by adding that �when sanctions are lifted and the conditions are made attractive� is what the western companies are look for in Iran.

Former BP member also referred to the drop of oil price as devastating on the western companies by saying: All service companies had to lose people, less project happening and therefore less service companies were required to carry out projects, which is the direct result of the lower oil price.

Asked about the shale oil and its impact on the global market he said: Since the oil market is a quantity market therefore the more supply you have then the oil prices go down.

He added: Therefore Shale oil has led to a reduction in oil price� so if the oil prices go up to 80 to 90 dollars then there will be more shale oil in the market and if they go down to 50 then the oil will come off the market; so there is a variable oil supply that is commercially driven and that has not been existed before.

Dr. Attila Nyikos, Vice president for international affairs of Hungarian Energy and public utility authority also told IRNA: Because Iran is a large producer in the region and in Hungry we are interested in the diversification of natural Gas resources, when the sanctions are lifted against Iran by the EU then it can be a very good source of Gas for Hungry.

Laurent Ruseckas who chaired the conference for two days said that the outcome of the conference could be to say that the new oil price is predicted to be around 60 to 70 dollars.

He said: this is not great for any oil producing country but Iran like other gulf states has a low cost of production relative to US shale, deep water.

Ruseckas was asked about how prepared are western countries to come and invest in Iran replied: I think it is clear that if there is a deal and sanctions are lifted �there is a huge interest� for foreign companies to engage with in Iran.

Almost thirty giant oil companies attended the two day conference to discuss the future of oil and gas industry.

The conference initiated on Monday 15 June with a briefing on Iran�s oil market and followed by a two day intensive discussion about business opportunities and the future outlook of oil industry.

By IRNA