Iranian President Rouhani walks with Oil Minister Zanaganeh at phase 12 of the South Pars gas field facilities in the southern Iranian port of Assaluyeh.
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The nuclear agreement between Iran and world powers could lead to a burst in the country's oil exports and open the way for international energy groups to return to the country after a five-year absence.Iran is expected soon to start preparing the ground for new contracts with western companies.Iran is an enticing prospect.However, foreign investors will want a clearer understanding of the state of Iran's fields and the rehabilitation needed before deciding on any investment – which they must acquire from a standing start.US and European oil groups have been careful to keep their distance from Iran over the past five years. Apart from closed doors meeting at last year's World Economic Forum in Davos between Hassan Rouhani, Iran's president, and executives from BP, Eni, Shell and Total, high level contact has been minimal.Bijan Zanganeh, Iran's oil minister has signaled that any new contracts will be more competitive than the widely disliked "buybacks" negotiated with western groups in the 1990s and early 2000s.
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