Iran's oil ministry wants to attract $150 billion over five years with its new contract terms, but doing business with Iran is still tricky, and the global oil industry is looking to cut $1 trillion in investment over the same time frame.
Iran has a long history of offering noncompetitive contracts to IOCs. If sanctions are removed, new contract terms are likely to draw companies back to its low-cost reserves.
For the first time in a decade, there is genuine buzz about Iran’s prospects and its plans for the future. Matthew M. Reed discusses the many obstacles facing plans to rejuvenating the country's oil industry.
Consumers may be enjoying the current low prices, but as oil companies are steadily pushed into more and more challenging geological and political environments, they should probably enjoy cheap fuel while it lasts.