European and U.S. oil-and-gas companies drawn to Iran as sanctions ebb can expect to encounter not only opportunities, but also capable Iranian companies offering tough competition or joint ventures. While no Iranian companies have attained the prowess of integrated oil-and-gas firms such as Exxon Mobil or big service outfits like Schlumberger Ltd. SLB 0.93 % , a new breed has emerged during Iran’s years of economic isolation. They can take on engineering tasks—such as laying pipelines, building offshore platforms and drilling wells—that previously were handled by foreign companies. If the nuclear agreement comes into effect and economic sanctions are lifted against Iran by the end of this year or early in 2016, those Iranian companies will be well positioned to compete for tens of billions of dollars in service contracts or to forge strategic relationships with Western companies, say industry officials. “One of the good […]