Lifting of sanctions on Iran will lead to drastic changes as Iranian businesses open to regional and global markets. The Opportunity Iran 2015 report by MEED reveals that Tehran will have $100bn worth of energy deals to sign after the sanctions are completed lifted. The main sanctions which include UN, US and EU will be lifted by end of the year after a final assessment by International Atomic Energy Agency (IAEA).
After the lifting the sanctions, the report states that, large-scale investment in oil, gas and petrochemicals projects will be a top priority.
Even though Iran has the fourth largest oil reserves and the largest gas reserves in the world, years of isolation from global market has left the sectors in need of modernisation.
Iran aims to expand its oil sector in two phases; the first phase will see National Iranian Oil Company (NIOC) reviving its crude output to pre-2012 levels as sanctions relief opens up export markets; From 2020 onwards, Iranian crude capacity is set to increase and investment will allow NIOC to deploy enhanced oil recovery (EOR) technology at its older fields, revive stalled field developments, and carry out greenfield developments at untapped assets.
