Iran announces major oil contracts despite sanctions

Teheran openly defies US sanctions by announcing a colossal $13 billion investment in the oil sector.

Share:

Contrats pétroliers Iran 2024

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Iran is committing $13 billion to six oil fields, despite existing US sanctions. This move, aimed at increasing production by almost 400,000 barrels a day, symbolizes Tehran’s firm determination to strengthen its energy and economic autonomy.

Significant economic benefits

According to Javad Owji, Minister for Petroleum, this major investment could generate an additional $15 billion in annual revenues. These contracts, the largest in ten years, mark a significant step in the revitalization of the Iranian oil industry, given the lack of investment and international restrictions. This investment comes at a time when domestic production, reduced to its lowest level in 2020 as a result of sanctions, is beginning to recover, thanks in particular to exports to China. It has also strengthened its ties with Russia, which is also under sanctions.

Financial and operational autonomy

Owji emphasized Iran’s objective of not depending on foreign financing or companies to carry out these projects. This independence reflects Iran’s aim to bypass the obstacles imposed by the international community and move towards self-sustained growth. The focus is also on the development of the Azadegan field, essential to the national oil production strategy.

The gas sector also in the firing line

At the same time, Iran is investing in the development of the South Pars gas field, the largest in the world, which it shares with Qatar. With a budget of $20 billion, this program aims to consolidate Iran’s position as the world’s leading gas producer, despite the challenges posed by sanctions and international competition.

Iran’s move reflects its desire to strengthen its energy sovereignty and assert itself on the international stage. Despite the sanctions, the country is seeking to optimize its natural resources to bolster its economy and assert its role as a regional power. The resumption of production and new investments could change the dynamics of the global oil market, posing new challenges for international energy and economic policies.

An emergency meeting led by the European Commission gathers key sectors affected by China's export restrictions on rare earths, ahead of a briefing at the European Parliament.
Manila plans to expand gas and renewable energy production to meet a 6.6% increase in electricity demand over the next two years.
Ottawa and London increased bilateral exchanges to structure strategic cooperation on nuclear energy and critical minerals supply chains, as part of Canada’s G7 presidency.
Donald Trump says he secured Narendra Modi’s commitment to end Russian oil imports, adding political pressure to India-Russia trade relations.
Under intense diplomatic pressure from Washington, member states of the International Maritime Organization agreed to postpone by one year the adoption of a carbon pricing mechanism for global maritime transport.
Washington confirms it has mandated the CIA to carry out secret actions against Nicolas Maduro’s government, escalating tensions between the United States and Venezuela amid geostrategic and energy stakes.
Two European Parliament committees propose to advance the full halt of Russian hydrocarbon imports to 2026 and 2027, including oil, gas, and LNG, strengthening the European Union’s geopolitical position.
The COP30 conference hosted in the Amazon by Brazil faces low participation from global leaders, amid geopolitical tensions and major logistical challenges.
The United States has granted Trinidad and Tobago a special licence to resume negotiations with Venezuela on the Dragon gas field, partially lifting restrictions imposed on the Venezuelan energy sector.
Ambassadors of European Union member states have approved the transmission of a legislative proposal to phase out Russian fossil fuel imports by January 2028 to the Council of Ministers.
The State Duma has approved Russia’s formal withdrawal from a treaty signed with the United States on the elimination of military-grade plutonium, ending over two decades of strategic nuclear cooperation.
Polish Prime Minister Donald Tusk said it was not in Poland’s interest to extradite to Germany a Ukrainian citizen suspected of taking part in the explosions that damaged the Nord Stream gas pipelines in 2022.
Al-Harfi and SCLCO signed agreements with Syrian authorities to develop solar and wind capacity, amid an ongoing energy rapprochement between Riyadh and Damascus.
Faced with risks to Middle Eastern supply chains, Thai and Japanese refiners are turning to US crude, backed by tariff incentives and strategies aligned with ongoing bilateral trade discussions.
France intercepted a tanker linked to Russian exports, prompting Emmanuel Macron to call for a coordinated European response to hinder vessels bypassing oil sanctions.
The activation of the snapback mechanism reinstates all UN sanctions on Iran, directly affecting the defence, financial and maritime trade sectors.
Commissioner Dan Jørgensen visits Greenland to expand energy ties with the European Union, amid plans to double EU funding for the 2028–2034 period.
European and Iranian foreign ministers meet in New York to try to prevent the reinstatement of UN sanctions linked to Tehran’s nuclear programme.
Canadian Prime Minister Mark Carney announces a bilateral agreement with Mexico including targeted investments in energy corridors, logistics infrastructure and cross-border security.
The US president has called for an immediate end to Russian oil imports by NATO countries, denouncing a strategic contradiction as sanctions against Moscow are being considered.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.