StatoilHydro has become the latest in a line of major oil companies to withdraw investments in Iran, following pressure from the US to isolate the Islamic Republic over its nuclear ambitions. The Norwegian company made the decision this month due to the growing risk posed, but has said it will honour existing contracts.
Chief executive Helge Lund said the company was in dialogue with the US and EU authorities about its status in Iran, where it is the offshore operator for development phases 6 to 8 on the South Pars gas field in the Gulf.
“We are familiar with laws and regulations in the US and the European Union, and will not make any new investments in Iran in today’s situation. First and foremost, StatoilHydro will see through its contractual obligations in Iran,” Lund told reporters. StatoilHydro are the latest in a line of majors to announce they will quit the country, following similar pullouts by Total and Shell.
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The company had been involved in talks to develop and invest in the Azar oil field in Iran. The plans have now been halted.
