Market Watch– Royal Dutch Shell PLC will agree on Wednesday to develop a major Iranian oil field, an Iranian oil-ministry spokeswoman said, suggesting giant energy companies won’t let President-elect Donald Trump’s pledge to undo the Iran nuclear deal deter them from investing.
Total SA of France on Wednesday is also planning to sign on to its second big Iranian energy development, the oil-ministry spokeswoman told The Wall Street Journal. Total was the first major energy company to jump back into Iran with a major project, announced on Nov. 8–Election Day in the U.S.
The agreements are to develop the South Azadegan and Yadavaran oil fields, which are both large-scale projects important to the future of Iran’s oil industry.
Shell declined to comment. Total didn’t immediately respond to requests for comment.