Is Schlumberger Moving Into Iran?

Despite Trump’s promises to axe the Iran Deal, major oilfield services company Schlumberger has just signed a lucrative new agreement with the Persian Gulf republic. By market value, Schlumberger is the world’s largest oil driller, employing around 100,000 people across the globe. Now, the giant has confirmed that it’s signed a preliminary deal to study an Iranian oil field. The move is particularly controversial, as it follows Trump’s vows to deconstruct a historic nuclear pact forged between Iran and a host of global powers in 2015. Simultaneously, he’s openly called on US companies to avoid dealing with Tehran, and freeze any plans to infiltrate the Islamic Republic economy.

Swapping Trump for Tehran

While some companies have fallen into line, others can’t resist the magnetism of the Iranian economy. The republic has enormous potential as an energy and consumer market, and Schlumberger is refusing to hold back on leveraging new opportunities.

It hasn’t been shy about making its plans public, with a Schlumberger spokesman revealing to The Wall Street Journal that it has signed a memorandum of understanding with the National Iranian Oil Company. The deal outlines intentions to explore an Iranian oil field, with a focus on the “the non-disclosure of data required for a technical evaluation of a field development prospect.”

Schlumberger sidesteps US bans on Iranian investments

If the deal goes ahead, it will represent the first presence Schlumberger has had in Iran since European sanctions forced it to depart in 2010. While the company was founded in France and is now based in Curaçao, it does maintain a headquarters in Texas. At present, Washington enforces a ban on US companies and citizens from investing in Iran’s oil fields, which has seen European oil giants step up. This includes a $4.8 billion Iranian gas field investment agreement signed by French company Total SA, just hours before Trump was elected to the White House.

Trump has been candid about how he intends to deal with Iran, though it hasn’t stopped companies like Schlumberger from signing on the dotted line. Norway’s DNO is also in hot pursuit of Iranian opportunities, and committed to studying a key Iranian oil field just days after Trump’s victory. European aircraft maker Airbus Group SE is also under fire for securing US government backing for a project that will see it export over 100 jetliners to Iran.

While some companies are focussing their efforts on international investments, others are pioneering innovations on home soil. ‘How to Analyse H2s, All Mercaptans, THT and Total Sulphur for Monitoring Natural Gas or Gaseous Fuels in Metering Stations’ spotlights the latest developments made by French gas analysis company Chromatotec.