NIOC: BP to open Iran office in summer

Javadi said BP is looking to transfer technology and capital to Iran, wsj.com reported.

BP’s CEO Bob Dudley previously has been keen on investing in the country. Speaking earlier this year, he said his company would choose opportunities carefully.

Other Western oil companies that have made moves to return to Iran include Austria’s OMV and France’s Total SA. OMV earlier this week announced that it signed a memorandum of understanding with NIOC, giving it the opportunity to pursue a number of potential oil and gas projects in the country.

Since the end of international sanctions on Iran, the nation has sought international investment to modernize and repair their oil infrastructure.

 

Total ties

 

NIOC and Total have held talks for cooperation in Iran LNG project, however no decision was made so far on the issue, Javadi said.

He expressed hope that the talks would be concluded as soon as possible.

If the talks are concluded the project most likely will be handed over to Total, Javadi said.

Financing the project remains as the biggest challenge of the Iran LNG project, he added.

Iran LNG is a $3.3 billion project to produce 10.5 million tons of liquefied gas per year which has lingered for years amid international sanctions against Tehran.

It is 60 percent complete, according to officials, pending imports of new equipment and structures to bring it online.

NIGEC hopes to complete the project in just under three years, making the country's first LNG exports ready for the market.

 

 

 

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