The legacies of the Middle East’s major oil and gas pipelines offer important lessons for regional leaders hoping to integrate energy markets and infrastructure.
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All tagged gas
The legacies of the Middle East’s major oil and gas pipelines offer important lessons for regional leaders hoping to integrate energy markets and infrastructure.
◢ Speaking on Thursday at the Center for Strategic and International Studies, a Washington D.C. think tank, Total CEO Patrick Pouyanné faced several questions about his company’s recently announced decision to wind down operations in Iran following the reapplication of secondary sanctions by the Trump administration. Pouyanné warned that the “Atlantic allies” risk giving “all the Middle East region to China and Russia.”
◢ The last Iranian year, which ended in March, saw several interesting developments for Iranian energy, both domestically and internationally. Despite persistent challenges, Iran is keen to build on the momentum of last year’s developments. In doing so, the question of whether the Trump administration will stay in the JCPOA and renew sanctions waivers on May 12 will have great importance.
◢ Russian news agency TASS is reporting that Zarubezhneft, a Russian state-owned oil company, has signed two major contracts with the National Iranian Oil Company (NIOC).
◢ The agreements will see Zarubezhneft exploit the Aban and Western Paydar oil fields in a consortium with Dana Energy, an private sector Iranian oil services company.
◢ In a major interview given to French newspaper Le Monde, Total CEO Patrick Pouyanné was asked about the “American threat” to the company’s “important gas project” in Iran.
◢ Pouyanné’s forthright response marks perhaps the first time that a major European executive has publicly called for a diplomatic intervention to protect commercial interests in Iran. He points to the 1990s blocking statutes and sanctions waivers as a potential tool in the current environment.
◢ On Monday, Total will sign a long-awaited USD 5 billion deal to develop Iran's South Pars gas field, becoming the first international oil company to commit to a post-sanctions investment.
◢ The Total deal indicates rising confidence that political and banking challenges can be addressed, and the contract signing will likely buoy investor confidence across sectors.
◢ A preliminary agreement between OMV and Dana Energy heralds the push for privatization in Iran's oil and gas sector
◢ While the majority of contracts have been signed with state-owned oil firms, the new IPC framework enforces structures and management practices that support privatization
◢ The global energy industry continues to find greater value in efficiency and clean technology, with a rapidly growing reliance on renewable energy. But Iran lags behind.
◢ Now that Iran prepares to once again open doors to the international business community, the time is right for renewables to have a greater role in the country’s energy mix.
