Oil and gas operators are preparing a re-entry into Iran as talks on lifting 14-year-old sanctions against the country reach an end-game.
A number of UK firms have visited Iran in recent weeks to meet domestic companies and discuss the best route to re-establishing operations.
Talks which began earlier this month between Iran and the so-called P5+1 countries – the five permanent members of the UN Security Council plus Germany – are scheduled to end later today, although there is speculation the deadline may be extended if agreement is not reached.
The conclusion of the talks in Vienna, Austria, comes after Russia said it was to build eight new nuclear reactors in Iran.
Energy and regulatory expert Tim Stocker, of law firm Pinsent Masons, said: “The full lifting of sanctions ultimately depends on the assurances that the Iranian authorities can give to the P5+1 countries that they won’t further develop a military nuclear programme.
“At this point the direction of travel is hard to gauge as leaders have been extremely tight-lipped on the issue.
“But companies appear to be optimistic that re-entry into the lucrative oil and gas industry will happen.
“Preparation is of course key and it’s understandable that oil and gas firms want to be ready, but there is a need not to jump the gun.
“Nothing is set in stone and any business needs to be confident that they are not breaking the law or contravening strict sanctions by engaging in talks and making agreements at this point.”
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