Shell confirms memorandum of understanding with Iran

Royal Dutch Shell PLC confirmed it has signed a memorandum of understanding with state-owned National Iranian Oil Co. “to further explore areas of potential cooperation” but Shell declined to discuss likely fields or possible investment levels.

Total SA in November reported it was negotiating an investment reportedly worth billions of dollars to develop South Pars natural gas field offshore Iran. Total said it is negotiating for a final deal.

The pending transaction marked the first Western energy investment in Iran since international sanctions were lifted earlier this year (OGJ Online, Nov. 8, 2016).

Details on Shell’s plans were very limited on Dec. 7. A Shell spokesman in London only told OGJ that the agreement is “nonbinding.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...