Iran battens down for survival as sanctions bite
Sanctions scrape the remaining shine off tarnishing sector
Iran's upstream sector, having basked in a degree of optimism fostered by the 2016 joint comprehensive plan of action (JCPOA), has returned to a struggle for survival, following the re-imposition of American sanctions. Sustaining oil exports has replaced new field developments as the key priority. But some of the sector's gloss had already flaked away, as would-be new entrants struggled to make any headway. Following the JCPOA, the new Iran petroleum contract (IPC) was trumpeted as the upstream sector's much-needed investment vehicle. Iran's mature fields require refurbishment and more advanced technology, while most green-field project progress had been stunted by previous sanctions. But th
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
