According to the Wall Street Journal, Iran may consider entering into production sharing
agreements with foreign companies for resources in the Caspian Sea, which is reported to
have “possible reserves” of 10 billion barrels of crude oil. Such actions, as well as recent
meetings between the Iranian Oil Minister and European energy companies such as Eni,
Shell, Vitol and OMV, demonstrate efforts by Iran to re-engage with foreign oil companies
once sanctions are ultimately lifted.