Iran, a country boasting the fourth largest oil and the second largest gas reserves in the world, has become one of the most prominent topics in the news – for example, today’s election news affirming the shifting of political power to the moderate and reform candidates. From the oil and gas industry point of view, the lifting of international sanctions provides the country, as well as International Oil Companies (IOCs), with opportunities at a time when oil prices are down to levels not seen for a decade. Although there is every likelihood that prices will rebound, the drivers of demand and supply indicate that this may not happen for some time. The IOCs are hurting, reflected largely by their cut back in dividend as well as profit falls and job cuts. Under these circumstances, IOCs need to look for exploration and production opportunities that require comparatively little capital and […]