In January 2016, the Islamic Republic of Iran (IR) agreed to scale back its nuclear facilities in exchange for the lifting of economic sanctions. During the sanction years, it had dreamed of a stampede of international oil companies returning to Iran and injecting substantial investment of capital into the waning Iranian energy industry. The IR was therefore expecting a quick rejuvenation of its oil and gas industries and an economic bonanza following the end of international sanctions. National Iranian Oil Company (NIOC), The Country’s Economic Engine It is a fact that Iranian oil output has been at a plateau for some time now, and production has been on the wane year after year. Dropping reservoir pressure and a continuous decline in crude production appear to have been triggered by long periods of technical constraints on operation and by natural aging of the major Iranian oil fields. The lack of […]