New Iran oil deals won't allow reserves booking

Iranian officials say foreign oil companies hoping to invest in Iran as sanctions are relaxed won't be able to count Iranian reserves among their assets under the draft terms of new contracts; the ability to book reserves has been a key demand from Western companies looking to enter Iran.

But overseas oil companies may be allowed to wholly own Iranian oil services companies as part of the country's privatization program, and Iran could sweeten some of its investment terms to attract to Western investors to its oil sector.

Iranian oil officials are said to have discussed potential joint ventures with Total (TOT), Eni (E), Statoil (STO), Gazprom (OGZPY) and Lukoil (LUKOY); Iran would like to enter TOT's Iraqi Kurdish acreage or its Asian liquefied natural gas terminals, or partner with Lukoil and Gazprom in China or Africa.

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