Schlumberger signs preliminary deal on Iranian oilfield

Schlumberger signs preliminary deal on Iranian oilfield

Schlumberger, the world’s largest oil driller by market value, has signed a preliminary deal to study an Iranian oil field.

The oil drilling giant has inked a memorandum of understanding with the state-run National Iranian Oil Company ‘for the non-disclosure of data required for a technical evaluation of a field development prospect’, according to a report in the Wall Street Journal.

The agreement was signed despite Donald Trump’s vow to undo a nuclear pact with Iran signed by global powers last year.

The deal, which Schlumberger says does not involve the execution of oilfield services operations, will be the first for the company since European sanctions forced the company to leave Iran in 2010.

Despite most international sanctions on Iranian energy being lifted in January, the US has maintained a ban on domestic companies investing in Iran’s oilfields.