Shell, Iran agree on future oil and gas development

A Shell logo is seen reflected in a car's side mirror at a petrol station in west London

From Reuters:

“Royal Dutch Shell signed a provisional agreement on Wednesday to develop Iranian oil and gas fields, an Iranian official said, the first deal by the world’s second biggest listed oil firm in Iran since sanctions were lifted.

The Anglo-Dutch company confirmed it had signed a memorandum of understanding with National Iranian Oil Company (NIOC) on Wednesday “to further explore areas of potential cooperation”, declining to give further details.

Analysts said the agreement underscored major oil companies’ willingness to keep doing business with Iran despite the risk that U.S. President-elect Donald Trump could scrap the nuclear deal that ended the sanctions earlier this year.”

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