Oil majors queue up in Iran

Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among international companies that have selected oil and natural gas deposits to develop in Iran as the holder of the world's fourth-largest crude reserves presents $30 billion worth of projects to investors.

Total is one of the companies that have been in the forefront of discussions and Eni SpA is also looking to invest, Oil Minister Bijan Namdar Zanganeh said. Shell, Total and Lukoil all specified fields they would be interested in developing in Iran, Ali Kardor, deputy director of investment and financing at National Iranian Oil Co said in an interview in Tehran.

"Many companies are interested. Europeans are interested, Asian companies are interested," Zanganeh told reporters at a conference in Tehran.

Iran is pitching more than 50 oil and natural gas projects valued at $30 billion to foreign investors at a two-day conference in Tehran that started today as the Persian Gulf country prepares for the end of sanctions that have stifled its energy production. All banking and economic sanctions will be lifted by the first week of January," Amir Hossein Zamaninia, deputy oil minister for international and commerce affairs, said.

"We are interested to come back to Iran when the sanctions are lifted and if the contracts are interesting," Stephane Michel, Total's head of exploration and production in West Asia said. Representatives of Lukoil and Shell declined to comment at the conference.

Iran plans to boost total oil output capacity to 5.7 million barrels a day by the end of 2020, Roknoddin Javadi, managing director of state-run National Iranian Oil Co, said. This includes both crude and condensate output, he said.