• 9 hours Oil Prices Rise After API Reports Major Crude Draw
  • 10 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 10 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 11 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 12 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 13 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 14 hours Whitefish Energy Suspends Work In Puerto Rico
  • 15 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 1 day Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 8 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Tesla Investors Are Losing Patience

Tesla Investors Are Losing Patience

Elon Musk has a history…

Energy Majors Hit Hard By Climate Regulations

Energy Majors Hit Hard By Climate Regulations

Siemens and General Electric have…

Trump Passes Iran Nuclear Deal Back to Congress

Trump

U.S. President Donald Trump is officially withdrawing his certification of Iranian compliance with the nuclear deal, in what is being billed as part of a tougher strategy on Iran.

For Europe, the past few weeks have been ones of scrambling to determine whether billions of dollars in deals made by major European companies with Iran will be stymied by a new round of sanctions. Those deals include the almost $5-billlion energy deal between French Total SA and Iran.

But maybe all is not lost. Essentially, Trump has “kicked the can” to Congress, according to the Atlantic, in a move designed to convince the public that he’s kept his campaign promise on Iran—even if the agreement remains in place.

According to the New York Times, Trump’s ‘decertification’ isn’t “unraveling” or even “rewriting” the accord with Iran.

During his campaign, Trump called this “the worst deal ever”, and an “embarrassment”. He promised to get rid of it altogether. Friday’s withdrawal of certification, however, does not involve a renegotiation of the deal.

Indeed, now it’s up to Congress to decide whether to reimpose sanctions on Iran, and now Europe has had another 24 hours to digest the repercussions of the ‘de-certification’ and what it means for its deals with Iran.

For French energy giant Total SA, it may make doing business in Iran more difficult.

Total signed its deal with Iran in July, making recent history. This was the first deal Iran signed with a foreign energy company since sanctions were lifted in January 2016.

The $4.8-billion deal is to develop Iran’s prolific South Pars natural gas field—the largest gas field in the world, shared with Qatar. Total would lead the consortium.

Related: The Next Big Digital Disruption In Energy

Throughout, Total SA has taken the challenge head on. Earlier this month, the French oil giant shrugged off the US sanctions threat, with Total CEO Patrick Pouyanne telling media, “We knew when we signed that it will not be an easy road. But I prefer to have a problem to solve and to have the opportunity rather than having not signed [and] no opportunities.”

Now that the dust is settling on the Iran nuclear deal, and it is becoming clearer that this move was a compromise and the deal is not being abandoned outright, European companies may be feeling less pressure to come up with a contingency plan.

By Damir Kaletovic for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Citizen Oil on October 14 2017 said:
    Good for him ! We always talk about the environmental impact of oil, how about the impact on humanity ? How many people have died at the hands of Iran which was paid for with oil money ? A nation who publicly chants "death to America " and supports terrorism throughout the world. Hopefully they hit them hard where it truly hurts.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News