Iran oil tie-ups bound to be a gamechanger | GulfNews.com:
"With Western markets gearing up to re-enter Iran’s oil and gas sector, the potential for full trading partnerships to be reignited could soon become a reality.
The significance of an improvement in relations with Iran to the industry is clear. By some accounts, with an estimated 151.2 billion barrels, Iran has the fourth largest oil reserves in the world, more than both Iraq and the UAE. In addition, Iran is home to the second largest reserves of natural gas after Russia. These conventional oil and gas reserves are not only relatively accessible, but are also considerably more economical in terms of extraction compared to the harder to reach tight oil or shale reserves.
Iran has a relatively developed infrastructure, a well-educated population of an estimated 77 million people, an established business class, an active civil society, and a functioning government structure that is able to make, and enforce, policy. For oil companies, provided they remain well-versed in the nuances of operating in Iran and fluently navigate current sanctions, the opportunity is considerable."
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