Iranian President Hassan Rouhani will address a panel of top global oil executives this morning as the Islamic Republic steps up efforts to win back investments from oil companies as part of its rapprochement with the West.
President Rouhani will give a short speech to chief executives from oil majors such as Eni, BP, Total and Shell, according to several executives who meet on the sidelines of the annual World Economic Forum in the Swiss Alpine resort of Davos.
Tehran wants Western oil companies to revive its giant ageing oilfields and develop new oil and gas fields once sanctions are lifted and is improving its oil investment contract in order to lure them in.
The major OPEC producer has started implementing a nuclear deal with world powers, a step towards a broad settlement which could lead to the end of sanctions.
Western sanctions imposed on Iran for its nuclear programme have choked Tehran's production – output is down a million barrels per day (bpd) since the start of 2012 to 2.7 million bpd – costing billions in lost oil revenue.
Top Iranian officials say the country can raise production to 4 million bpd within six months of sanctions being lifted.
Iran was stopped from attending long-awaited Syrian peace talks on Tuesday.
A last-minute invitation from UN Secretary General Ban Ki-moon's to Iran was revoked after the Syrian opposition threatened to boycott the talks.
President Rouhani said from Tehran that Iran's exclusion made it unlikely the conference could succeed.
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