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Energy Giant Shell Inks Oil Deal With Iran

Energy Giant Shell Inks Oil Deal With Iran

Meanwhile Total (TOT) will begin negotiations for a new energy project after signing a deal with Tehran last month.

The agreement is non-binding and involves the development of Iran's oil fields in South Azadegan and Yadavaran and the Kish gas field, according to Reuters news agency.

The Anglo-Dutch company confirmed it had signed a memorandum of understanding with National Iranian Oil Company (NIOC) on Wednesday "to further explore areas of potential cooperation", declining to give further details.

"International markets remain under pressure but the Islamic republic's return brings stability for the world's energy provision as well as the country's economic health", he said at the signing ceremony.

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Earlier Wednesday, an Oil Ministry official said Shell and Total would sign deals to develop the three fields, in what would have been a major step forward for Iran's oil industry.

"These preliminary agreements come at the right time for President (Hassan) Rouhani, who can leverage on the nuclear deal bearing fruits for Iran's economy despite Trump's election", Falakshahi said.

Iran hopes Shell will invest in the Azadegan and Yadavaran fields to boost recovery rates, Manouchehri said. As NPR has reported, Iran's oil production has bounced back faster than most analysts expected. Iran plans to develop the field in three stages to produce 85mn m³/d of gas.


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