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The Wall Street Journal: Majors Want to Play Ball With Iran

Oil majors are laying the foundations for potentially lucrative energy deals in Iran, despite the risks, as they face tougher investment prospects in some of the world’s other top energy producing countries.

In a signal to Washington that they won’t bow to U.S. pressure to isolate the Islamic republic, many energy giants desperate to boost their flagging energy reserves are eyeing multibillion dollar Iranian projects that could give them access to some of the world’s largest oil and gas fields.

A number of non-U.S. oil majors gathered in one of Vienna’s top hotels last month to meet with senior Iranian oil officials, including China Petroleum & Chemical Corp., or Sinopec, Norway’s Statoil ASA, Royal Dutch Shell PLC, Italy’s Eni SpA, Total SA, Russia’s Lukoil and Austria’s OMV AG listened intently as Iranian oil officials offered, in a polished and professional presentation, 17 oil blocks for development.

Notable by its absence in Vienna was U.K. energy giant BP PLC. With major oil and gas assets in the U.S., BP is all too aware of the kind of damage it could cause itself if it were to do business with Iran.

– Dow Jones Newswires

Comments:

The fact that Shell management is prepared to risk the wrath of the USA shows how desperate it is for oil reserves in the wake of its reserves scandal in 2004 and the recent Sakhalin2 debacle in Russia.

Posted by John Donovan, co-owner of the website: www.royaldutchshelplc.com

Comment by John Donovan – March 4, 2007 at 4:38 am

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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