According to Schlumberger’s Chief Executive Paal Kibsgaard, quoted by US media on Friday, the company will consider a return to Iran’s oil projects once the sanctions are lifted.
The American-French oilfield services company Schlumberger was among the last Western companies to leave Iran. Under US laws, the country’s companies have been banned from participating in Iran’s oil and gas projects since 1995. Schlumberger, however, was able to maintain its presence in Iranian projects since the company has been registered outside the United States.
Following the conclusion reached on Iran’s nuclear program on July 14 in Vienna, a number of sanctions against Iran are to be lifted and pave the way for the return of Western companies to Iran’s energy projects.
According to Iran's energy officials, the country will raise oil output by 500,000 barrels per day after two months and by 1 million bpd after six months when the sanctions are lifted.
Another American oilfield company Halliburton is also reported by US media to take part in Iran’s oil projects once the sanctions are lifted.
Meanwhile, Iran and the European Union are expected to hold an international conference in Vienna on July 23-24 to discuss post-sanction opportunities for cooperation.
The “Iran-EU conference on trade and investment” will bring together officials from Iran, Austria, France, the UK, Germany and other countries as well as their traders and entrepreneurs.