Incredible opportunities exist for Canadian businesses in Iran. Our team leverages its resourceful connections with Iran to set up strategic relations with Canadian businesses by capitalizing on Canadian’s innovative technology solutions and its under-used capacity.
In 2016, Canada announced the easing of its economic sanctions on Iran following confirmation by the International Atomic Energy Agency that Iran had fulfilled certain necessary commitments of the Iran’s nuclear program.
Iran's output has jumped from about 2.9 million barrels per day (bpd) to about 3.6 million bpd in recent years.
BP and Iran's state-run oil company received a licence from the U.S. Treasury in September 2016 to run their joint gas field in the North Sea after the lifting of Western sanctions on Iran.
French oil company Total said, in February 2017, it planned an investment decision on a $2 billion gas project in Iran by the summer subject to a renewal of U.S. sanction waivers.
May 24, 2017, the National Iranian Oil Company has signed an agreement worth $615 million with a Spanish-Iranian consortium for corrosion resistant pipes
Business Opportunities in Iran
- Canada’s easing of Iran-related sanctions provides new opportunities for Canadian businesses
- Iran is the third largest oil producer in the Middle East and the 7th largest oil producer in the world
- Iran is now struggling to keep exports growing as it grapples with production constraints
- Iran hopes to boost its production after years of sanctions
- New Iranian oil & gas fields need investments and development
Iran needs $200 billion of investment to boost crude oil production and natural gas capacity
The Iran Petroleum Contract model is aiming at attracting foreign investors. We expect this policy shift to offer flexible terms and take into account oil price fluctuations and investment risks.
Products and Services that You Can Offer
Iran is seeking international oil & gas companies that offer new technology and advanced equipment to modernize its infrastructure and increasing operational efficiency. Iran is acquiring the following technology solutions and equipment, among others, related to drilling and completions as well as production in the following areas:
- Offshore Drilling & Production Equipment
- Production Systems Multi-lateral
- Directional Drilling Services and Tools
- Drill Bits, Drill String, Underbalanced Drilling Services
- Innovative Completion Tools
- Production Equipment Manufacturing
- Well Stimulation & Optimization
- Wireline Services & Supply