Oil Cos, Seeking Reserves, See Iran as Long-Term Bet

Oil majors are laying the foundations for potentially lucrative energy deals in Iran, despite the risks, as they face tougher investment prospects in some of the world’s other top energy producing countries.

In a signal to Washington that they won’t bow to U.S. pressure to isolate the Islamic republic, many energy giants desperate to boost their flagging energy reserves are eyeing multibillion dollar Iranian projects that could give them access to some of the world’s largest oil and gas fields.

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