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Iran Oil Minister Says “No Ban on U.S. Oil Firms”

Iran Oil Minister Says “No Ban on U.S. Oil Firms” thumbnail

Iran’s Oil Minister Bijan Zanganeh has said that U.S. oil companies willing to do business in Iran will not be banned from doing so. The remark, quoted by local and international media, comes on the heels of a Friday executive order signed by Donald Trump that suspended the visa processing and entry into the U.S. of people from seven Muslim-majority states: Iran, Iraq, Libya, Somalia, Sudan, Syria, and Yemen.

The suspension order will be in effect for three months when it concerns entry into the country. When it concerns the resettlement of refugees from these states, bar Syria, it will be in effect for four months. Refugees from Syria are banned from resettlement in the U.S. indefinitely. The order also covers legal residents of the U.S. who are citizens of any of the seven countries, so if they leave, they won’t be allowed to come back for the duration of the order.

Earlier this month, the National Iranian Oil Company issued a list of 29 foreign oil companies that have been approved for participation in oil and gas tenders, to be held later in the year. Interestingly, one of the companies on the list was U.S. Schlumberger – the only U.S. company to be approved as a bidder.

Yet, Zanganeh, as quoted by the AP, said that no American oil companies have so far “directly applied” for participation in Iran’s energy industry recovery. Schlumberger is not an E&P business, which may explain the remark. Another list of approved companies is due to be released later, it recently emerged, with three Russian companies to be included in it, among others

Following the lifting of Western sanctions last year, Iran has already struck deals with Lukoil, Total, CNPC and Sinopec, and Petronas for the development of oil and gas fields. Total is working on the huge offshore South Pars field; Petronas is drilling for oil at South Azadegan and Sheshmeh Hosh; and CNPC and Sinopec are developing Yadavaran and North Azadegan.

By Irina Slav for Oilprice.com



4 Comments on "Iran Oil Minister Says “No Ban on U.S. Oil Firms”"

  1. Bob Inget on Wed, 1st Feb 2017 8:04 am 

    Iran again chooses life over nuclear destruction.
    Iran’s dissidents are the ones seeking protection in America. presence of American oil workers in Iran could dissuade a reactive Israeli or US attack.

    When Iran tested its missile last week Israel itself went ballistic. It’ll be interesting to see if any majors take Iran up on this offer under President T.

  2. rockman on Wed, 1st Feb 2017 12:18 pm 

    “It’ll be interesting to see if any majors…” Last time around the US held $billions of Iranian assets “hostage”. With some US Big Oils having tens of $billions of assets as potential “hostages” the game will be afoot.

  3. Hubert on Wed, 1st Feb 2017 7:02 pm 

    There is no reason why Iran should not be allowed to build a nuclear power plants since oil is not going to last forever.

  4. Midnight Oil on Thu, 2nd Feb 2017 5:29 am 

    Show me the MONEY….its always about the money

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