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Iran's oil and gas industry is vital to its economy and government. Oil export revenues have accounted for more than 24 percent of Iran's gross domestic product and between 50 and 76 percent of the Iranian government's revenues in recent years. Iran has the world's third largest oil reserves and second largest gas reserves, according to the Congressional Research Service (CRS), and is the world's fourth largest producer of crude oil, according to the Central Intelligence Agency (CIA) World Factbook. However, Iran has not reached peak crude oil production levels since 1978.
the Deputy Minister of the National Iranian Oil Company said in November 2008 that Iran would need about $145 billion in new investment over the next 10 years to build a thriving energy sector
U.S. law restricts U.S. firms from investing in Iran's energy sector through a variety of sanctions administered by the Department of the Treasury to discourage Iran from supporting terrorism and developing nuclear weapons. In addition, the Iran Sanctions Act, as amended, provides for sanctions against persons, including foreign firms, who invest more than $20 million in Iran's energy sector in any 12-month period.
Royal Dutch Shell/
Development of South Pars natural gas fields
25% stake in project, with an estimated total cost of $10 billion.
Stated that it has not yet decided whether to proceed.
Development of South Pars natural gas fields.
Possible 30% share of a $4 billion project
Confirmed that Total has been a significant investor in the Iranian energy sector for the past 20 years. Confirmed discussions with Iranian authorities regarding development of South Pars phase 11 and the Pars LNG project. Does not anticipate new investments in the near future.
Completed exploratory activities in the Tusan block.
Spent $178 million before returning its concession.
In 2004, a subsidiary of Petrobras signed service contract to explore Tusan; contract expired in July 2008. Confirmed project costs of $178 million. Currently no activities or plans in Iran.
Daewoo Shipbuilding and Marine Engineering/South Korea
Construction of crude oil tanker ships.
Contract for $384 million. Total cost of Iranian tanker building program estimated at $2.4 billion.
Confirmed delivery of tanker ships in August 2009, at an estimated contract cost of $384 million. No other sales planned.
Originally posted by bharata
Thank you for this post. It is nice to see it laid out like this, sometimes you need to take a step back and look around.
Confessions of an Economic Hit Man
Originally posted by conspiracy88
reply to post by kiwifoot
I don't understand. Number one on the list is ABB Lummus. ABB sold Lummus to Chicago Bridge & Iron Company back in '07. Wouldn't US law prevent Chicago Bridge & Iron from investing in Iranian oil? Given it is a multinational corporation but still, it is based in Woodlands, Texas and the Hague in the Netherlands. Wouldn't this have some effect on their ability to invest in Iranian oil?
The event sends strong messages for regional security. Within the space of three weeks, Turkmenistan has committed its entire gas exports to China, Russia and Iran. It has no urgent need of the pipelines that the United States and the European Union have been advancing. Are we hearing the faint notes of a Russia-China-Iran symphony?