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Iran: OVL needs to act fast as others tie up deals
Dec 19: ONGC Videsh has been trying to wrap a deal over its Farzad-B gas field in Iran  for a long time now and yet no results are out even as global companies continue to sign deals with Iran
8Russia’s GAZPROM NEFT has signed a preliminary agreement with NIOC to develop two major oilfields in Iran. It will carry out studies at the Cheshmekosh and Changouleh fields near the border with Iraq, according to Iran’s Shana news agency.
8This follows Shell’s provisional agreement to develop oil and gas fields in Iran. A spokesman for Shell said that a memorandum of agreement was signed with the National Iranian Oil Company(NIOC) “to further explore areas of potential cooperation”. The agreement is non-binding and involves the development of Iran’s oilfields in South Azadegan and Yadavaran and the Kish gas field, according to Reuters. The South Azadegan and Yadavaran fieldsshare the border with Iraq.
8French energy company Total also signed a deal in November to develop a large gas field in Iran and is now negotiating an oil deal. 
8Despite the nuclear agreement, doing business in Iran is a  challenge for Western companies. This is in large part due to residual US sanctions that don’t allow American banks to be involved in any transactions. 
8But that has not deterred companies from going in and signing up
8Time for OVL too to wrap up the deal
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