without completing its last contract, the Mehr news agency reported Sunday.
Facing with the prospect of US sanctions, Statoil announced in 2008 that it would make no new investments in Iran. Last year, it announced it would leave Iran in 2012 to avoid sanctions that would result because it is listed on the New York Stock Exchange. Three other European firms are wrapping up their Iran operations for the same reason—Shell, ENI and Total.
Mehr said Statoil had almost completed everything it agreed to do under a $50 million contract signed five years ago to develop the Khorramabad oilfield. However three wells to be sunk at Khorramabad have not been dug, an Oil Ministry official told Mehr.
Mehr said Statoil and the Oil Ministry were now negotiating the penalty payment Statoil would make to get out of its contractual obligation to dig those three wells.
Statoil previously developed the Anaran oilfield and Phases 6, 7 and 8 of South Pars gasfield. Those phases were completed in 2009.
Statoil has had its problems in Iran. Norwegian and US officials found that Statoil had bribed Iranian officials several years ago to get one of its contracts in Iran. The company’s chief executive lost his post over that.