Norwegian Statoil reports risks in Iran and Venezuela

Norwegian state oil firm Statoil said it could face penalties from the United States in connection with the company’s operations in Iran and is risking losing 171 million barrels of oil reserves in an “incredible” case in Venezuela.

In an annual report filed with the US Securities and Exchange Commission (SEC), published on Tuesday, Statoil stressed that an agreement executed in 2002 to help develop the South Pars gas project in Iran could be deemed a violation of the Iran Sanctions Act (ISA) adopted by the US, Reuters said.

ElUniversal