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A Western oil giant looks set to return to Iran and its huge gas fields


A spokesperson for Italian oil major Eni said the company was also taking a wait-and-see approach.

“Basically, Iran has a great potential in terms of oil and gas reserves. However, we are still trying to understand the contractual frameworks that will be adopted for the oil gas industry in the country. In view of that, we will evaluate any possible opportunity,” he told CNBC in an email.

U.S.-headquartered oil companies like Exxon Mobil and Chevron are still prohibited from doing business in Iran or with Iranian individuals due to U.S. sanctions on Tehran over its alleged human rights abuses and support for American-designated terror groups.

Iran, the third largest OPEC producer, has recently increased oil exports as it seeks to regain market share following years of sanctions that crippled its economy.

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