Shell Interested in Hydrocarbon Production Opportunities in Iran

Shell's CEO, Ben van Beurden, said that company’s plans in Iran will depend on how the Iranian market develops in the short-term, the investments required and the general situation in the country.

LONDON (Sputnik) — Anglo-Dutch energy company Shell is interested in the prospects of hydrocarbon extraction in Iran, however, it is too early to speak of any specific plans, the company’s CEO, Ben van Beurden, said Tuesday.

Iran is an interesting country in terms of geological structure, and there are interesting prospects, van Beurden said during the Oil & Money conference, being held in London on October 6-7.

According to the Shell CEO, the company’s plans in Iran will depend on how the Iranian market develops in the short-term, the investments required and the general situation in the country.

Shell’s current negotiations with Iran are mainly focused on settling of the company’s debts to the National Iranian Oil Company, van Beurden added.

Iran and the P5+1 group of world powers — including Russia, the United States, China, France and the United Kingdom plus Germany — reached a deal in July to monitor and limit Tehran's nuclear program in exchange for the easing of international sanctions, which opened the way for Tehran to pursue energy projects.

Following the signing of the agreement, Iran announced that it could renew its economic ties with the EU members states.