LONDON, March 3 (Reuters) – Talks over a possible deal between Iran and the United States over Tehran’s nuclear program have put pressure on oil prices, with markets anticipating that the possible lifting of sanctions on the Iranian oil sales could boost global supply.

Iranian Oil Minister Javad Owji said last month that “many big companies” had already emailed his ministry and started discussions to participate in oil and gas projects in the Islamic Republic.

Oil majors withdrew from Iran after the United States withdrew from the nuclear deal in 2018 under President Donald Trump, who reimposed tough sanctions on Tehran.

Below is a summary of companies from Europe, Russia and Asia that have signed contracts with Iran for the exploration, development and production of oil and gas, but have frozen their activities in reason for the penalties.

TOTAL

France’s Total was the first global energy company to return to Iran after earlier sanctions were lifted in 2016. Total signed a contract in 2017 to develop phase 11 of South Pars, the world’s largest gas reserve, with a initial investment of $1 billion.

The other partners in the agreement were the Chinese state company CNPC with 30% of the capital and the Iranian PetroPars with 19.9%.

Total withdrew from Iran in 2018.

CNPC

China National Petroleum Corp (CNPC) has replaced Total as operator of phase 11 of the project at South Pars, taking over Total’s 50.1% stake.

However, CNPC also suspended its investments in South Pars in 2018 in response to US pressure.

SHELL

Shell signed a tentative deal in December 2016 to develop Iran’s South Azadegan, Yadavaran and Kish oil and gas fields. The company, which at the time was called Royal Dutch Shell, froze its operations in Iran due to US sanctions, according to Iranian media.

LUKOIL

Russia’s second-largest oil producer, Lukoil, signed several memorandums of understanding (MoU) with the National Iranian Oil Company (NIOC) in 2016 for the development of the Abe Timur and Mansouri oil fields in central- western Iran.

Lukoil decided in 2018 not to go ahead with development plans for the projects due to the threat of US sanctions.

OMV

Austrian energy group OMV (OMVV.VI) signed a memorandum of understanding with NIOC in 2016 as it sought to revive its business in Iran. The agreement covered several areas ranging from the evaluation of oil and gas deposits to the exchange of crude oil and petroleum products. OMV then suspended its investments in Iran.

WINTER

BASF winter hall [RIC:RIC:RWEDE.UL] The oil and gas exploration arm signed a memorandum of understanding with NIOC in April 2016 to invest in Iranian energy projects, but the deal was put on hold due to uncertainties over economic sanctions.

ENI

Italian Eni signed an agreement with Iran in June 2017 for feasibility studies to develop an oil field and a gas field. Eni announced in 2018 that it had no relationship with Iran.

ZARUBEZHNEFT

Russian Zarubezhneft signed an agreement in 2018 with NIOC to develop two oil fields in Iran. The company withdrew the same year from joint projects in Iran.

PERTAMINA

The Indonesian government decided in 2018 to freeze Pertamina’s deal to exploit the Mansouri oil field in Iran because it wanted to preserve the country’s “good relations” with the United States.

Reporting by Bozorgmehr Sharafedin Editing by Mark Heinrich

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