A mosque is pictured during the OPEC conference on March 15, 2005 in Isfahan, Iran.

A few years ago international oil companies were sharpening their drill bits in anticipation of re-entering Iraq’s post-Saddam Hussein oil industry, and now a similar situation is developing in Iran as plans to ease western-led economic sanctions progress.

Potential investment opportunities in Iran – from upstream oil and gas to petrochemicals – have IOCs paying close attention. This piece by industry veteran Robin Mills suggests production-sharing contracts could even be on the table for some border fields. Obstacles remain to be sure, but optimism over this large and potentially-lucrative market is higher than it’s been for decades.

“Iran’s oil sector is like an ageing wrestler who could still surprise opponents with a show of strength. With this essential industry currently flat on its back, President Hassan Rouhani’s team has to find a way to get their champion back on its feet. Meanwhile, international oil companies are looking on from the sidelines, and whispering some encouragement.” – Robin Mills as published on Lobe Log Foreign Policy