Total Signs Deal With Iran, Exposing It to Big Risks and Rewards<br />Iranian oil officials are known as tough negotiators, but Mr. Pouyanné argues<br />that by being the first of the big international oil companies to sign a major deal with a post-sanctions Iran, he was able to shape much better terms than had been offered in the past.<br />While Mr. Pouyanné cannot rule out new sanctions, he and other potential investors were pleased when the Trump administration reapproved waivers, originally signed by the Obama administration, exempting international companies<br />that invest in Iran from certain United States sanctions.<br />On Monday, though, Mr. Pouyanné was comfortable enough with the risks to sign an agreement in Tehran committing his company to lead a natural gas project in the Persian Gulf<br />that could open Iran’s huge petroleum reserves to international players.<br />Being in the lead could also position Total to reap other rewards, possibly including access to the<br />Azadegan oil field, which could become one of the industry’s largest projects in the next decade.<br />But it also exposes the company to risk if Mr. Trump reneges on the Iran nuclear<br />deal, or if the United States imposes further sanctions against Tehran.<br />Iran has vast energy resources — the world’s largest proven natural gas reserves<br />and the second-largest trove of oil in the Persian Gulf, according to the BP Statistical Review of World Energy.
