Iran sanctions: Tehran is no stranger to oil's upheavals
US sanctions will target Iran’s energy industry from November. But the country where the first Middle Eastern oil discovery was made has faced many past vagaries in oil fortunes
It all began in London in 1900. An emissary of the government of Persia (as Iran was generally called up to the 1930s) was on the lookout for someone who might be interested in buying a concession to search for oil. A retired British diplomat recommended "a capitalist of the highest order", William Knox D'Arcy. He was an Englishman who had spent time in Australia and had made money in a gold-mining venture there. He was up for taking a punt in Persia. In 1901, he sent a representative to Tehran, and negotiations with Shah Muzaffar al-Din began. The Persian government was keen for a Briton to win the concession to balance Russian influence in the country. This factor helped smooth the discuss
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
