Photographer: Vahid Salemi/AP Images

Iran's Even More Tempting for Big Oil After Price Crop

Updated on
  • Development costs in Iran are just a fraction of U.S. Canada
  • Oil majors in talks to enter country when sanctions lifted

The world is awash in crude, but big oil companies are lining up to develop new fields in Iran even as they slash spending and abandon exploration elsewhere. One thing explains this paradox: cost.

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