Iran wants Caspian 'release valve' opened
Sanctions-hit Iran and its neighbours are seeking to resolve boundary uncertainties to unlock further oil and gas reserves in the Caspian Sea
Representatives from the five Caspian states are due to meet in Kazakhstan in August to sign a convention on the legal status of the sea. It's a chance for Iran, Russia, Azerbaijan, Turkmenistan and Kazakhstan to agree the demarcation of oil blocks in a region that's becoming increasingly attractive for the sector as a counterweight to the politically risky Middle East. US president Donald Trump's 8 May decision to re-impose nuclear sanctions on Iran and withdraw from the Joint Comprehensive Plan of Action (JCPOA) has focused minds at oil companies on the risks of doing business with Tehran. These could potentially cover Azerbaijan's Shah Deniz development, given Iran's national oil company
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
