How big could the reopening of Iran's oil sector be for the Western majors? In terms of oil and gas reserves, it could hardly be bigger. According to the US Energy Information Administration, Iran's oil reserves of 158 billion barrels rank fourth in the world and its natural gas reserves of 1,201 trillion cubic feet rank second. After years of sanctions, much of the Opec country's oil and gas sector is in disrepair, desperately in need of external investment — a golden opportunity for majors to apply their sophisticated technology to a host of upstream avenues, including enhanced oil recovery (EOR), early life developments, gas and exploration.
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