Iran battens down for survival as sanctions bite
Sanctions scrape the remaining shine off tarnishing sector
Iran's upstream sector, having basked in a degree of optimism fostered by the 2016 joint comprehensive plan of action (JCPOA), has returned to a struggle for survival, following the re-imposition of American sanctions. Sustaining oil exports has replaced new field developments as the key priority. But some of the sector's gloss had already flaked away, as would-be new entrants struggled to make any headway. Following the JCPOA, the new Iran petroleum contract (IPC) was trumpeted as the upstream sector's much-needed investment vehicle. Iran's mature fields require refurbishment and more advanced technology, while most green-field project progress had been stunted by previous sanctions. But th
Also in this section
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
