Exxon Must Wait for Iran Oil as European Rivals Poised to Pounce

Bloomberg – U.S. oil explorers will sit out the next big thing even as the end of nuclear sanctions opens Iran’s vast fields to their British, French and Italian rivals. When a decade of trade and banking restrictions against the Persian Gulf oil producer end, perhaps as soon as Monday, opportunities to invest in fields that hold almost 10 percent of the planet’s known crude reserves will beckon. BP Plc, Royal Dutch Shell Plc, Total SA and Eni SpA have all said they are ready to pounce. New exports could yield about $5 billion a year. U.S.-based heavyweights including Exxon Mobil Corp. and Halliburton Co. probably will have to wait — and may miss out completely because of unilateral sanctions imposed by Washington to punish Iran for its involvement in terrorism and missile development. Those bans will stay in place despite the nuclear deal.  “No American national is allowed to be involved in the Iranian oil sector at all,” said Patrick Clawson, director of the Iran Security Initiative at the Washington Institute think tank. “You can’t use the American dollar either. For any American oil company with a hands-on CEO, forget about it.” The International Atomic Energy Agency is expected to

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Source: CTRM Center

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