LONDON (Alliance News) - Oil major BP PLC has opted out of taking part in the first wave of agreements to develop oil and gas reserves in Iran following the lifting of international sanctions on the Middle East country, the Financial Times reported.
BP rivals, including Royal Dutch Shell PLC and Total SA, have both signed deals in recent weeks and Iran intends to award further oil and gas contracts in 2017 as part of its push to secure foreign investment.
But people briefed on the matter told the FT that BP is taking a more cautious approach ahead of a Donald Trump presidency in the US, which has already threatened to cause diplomatic tensions with Iran.
The people said BP has not applied to take part in the forthcoming tender for exploration and production rights in Iran and has no immediate plans to seek the kind of deals signed by Total and Shell.
https://www.ft.com/content/b73c0e9e-ce7b-11e6-b8ce-b9c03770f8b1
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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