Iran has awarded its first post-sanctions upstream oil development contract to a local company, in an apparent breakthrough in efforts to open up the industry to private foreign and local investors.
A number of international oil companies such as Total of France, Russia’s Lukoil, Anglo-Dutch supermajor Shell, Italy’s Eni, Austria’s OMV and several Asian giants are in line for contracts for another 15 projects, said the National Iranian Oil Company (NIOC).
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