Iran Ends Gas Talks With Repsol, Shell

By Gordon Wilcox
June 07, 2010 4:37 AM

Symbols: REP

Posted in: News, Contracts, Global, Pre-Market Outlook, Markets

Iran's government has ended discussions with European oil giants Repsol and Royal Dutch Shell on the development of the South Pars natural gas field, according to Iranian Press reports.

Iran will award the development rights to to the Iranian Khatam-ol-Osea group for $5 billion. Shell (NYSE: RDS-A) and Repsol (NYSE: REP) had been in talks with Iran for several years about the development of two natural gas blocks in South Pars.

Shell is Europe's largest oil company by market value. Repsol is Spain's top oil producer. Iran has the second-largest natural gas reserves in the world behind Russia.

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Iran Ends Gas Talks With Repsol, Shell

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