Total hopeful on possible Iran return

Total may look to re-enter Iran in light of the country’s oil resources and it having the second-largest gas reserves in the world, according to the Total’s chief executive Patrick Pouyanne. The company could oversee the reopening of a natural gas plant that was closed in 2009.

The news comes after promising diplomatic talks in recent weeks of lifting sanctions that have plagued Iran’s economy and oil industry. Total was involved in developing oil projects in the country, especially in constructing a liquefied natural gas plant in the South Pars gasfield. The company was forced to halt all its projects in 2009 due to sanctions put in place over the country’s nuclear program.

“We have history with Iran. I know that Total will be favourably received. But first, let’s see what will happen on the political scene,” Pouyanne stated at the 2015 World Gas Conference on Tuesday.

The country has piqued interest from big oil companies after revealing plans to revamp its commercial terms for potential investors. The new terms laid out in the Iranian Petroleum Contract allow for more general deals than those of the 1990s and 2000s.