Watching the World
Iran deal for Shell

Shell Exploration BV raised the hackles of the US Department of State (DOS) with the announcement of an $800 million redevelopment deal with Iran.Washington's Iran-Libya Sanctions Act (ILSA) of 1996 requires the department to impose sanctions on any company that invests more than $20 million in Iran or Libya.A Shell official told OGJ that DOS is launching an investigation into the Shell-National Iranian Oil Co. deal and that the process is expected to take "some time."On Nov. 14, Shell signed an agreement with NIOC to redevelop the Soroosh and Nowrooz oil fields, which lie in shallow waters 80 km west of Kharg Island in the Persian Gulf.A DOS official told Reuters that, while it will t...

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