Positioning in Iran

May 4, 2000, 14:00 CEST

Statoil recently took part in the annual Iranian Oil and Gas Show as part of moves to position the group in this Middle Eastern nation.

"We were well received at the show, where we promoted our expertise in reservoir management, exploration, gas and gas transport," reports Siv Berntsen, vice president for new business opportunities in International Exploration & Production.

She was one of four Statoil employees who took part in the show, which ran from 23-26 April.

A particular highlight was the visit paid to the Norwegian stand by Iranian petroleum minister Bijan Nadar-Zanganeh, who welcomed Statoil as a participant in the country's oil industry.

The group's representatives also had opportunities to meet representatives from the National Iranian Oil Company.

Statoil has no specific projects in Iran at present, Ms Berntsen notes.

"We're awaiting the next round of buy-back agreements, and will consider an application if the projects are attractive and the terms good enough."

Buy-back agreements are a type of service contact where the companies involved are paid in petroleum. Statoil did not apply in the first Iranian round for such deals, which was advertised in 1998.

Iran ranks as one of the world's most prolific oil provinces, with 90 billion barrels in proven reserves.

Read more about Iran and oil on the US Energy Information Administration's web site.