- Iran can restore production to 1970s levels of 6M bbl/day by 2020, as the country's plentiful and inexpensive reserves draw in foreign oil explorers, former Eni (E +0.5%) CEO Paolo Scaroni says.
- The flood of Iranian oil into a global market that’s already oversupplied will keep crude prices low for the rest of the decade, Scaroni says.
- The risk of sanctions being re-imposed on Iran if it violates the terms of the nuclear deal will lead companies to focus on renovating and restoring output at existing fields rather than investing in new projects, he adds.
- Eni worked under Scaroni’s management on several oil and gas fields in Iran before beginning to pull out in 2010 amid sanctions, and was among a handful of oil company chiefs who met with Iran's oil minister late in 2013; Eni, BP and Shell (RDS.A, RDS.B) are among companies that are considered well positioned to take advantage if restrictions are lifted.