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