Iran to woo oil companies with "sexy" contracts, Total CEO says

|By:, SA News Editor

Iran plans to offer oil companies improved terms to develop oil and natural gas fields once a trade embargo against the country is lifted, Total (TOT -1%) CEO Christophe de Margerie says.

TOT, Europe’s third-biggest oil company, stopped work on Iran’s South Pars gas field in 2009 as the U.S. tightened sanctions, and the CEO says the company has “no specific right to restart” work on previous projects.

"The fact that [the Iranians] are telling us to start moving, to get ready, should mean that they are ready to make moves on the political discussions,” De Margerie says.