Iran releases list of 29 international companies for oil and gas project bidding

Iran’s Ministry of Oil has announced the names of 29 companies able to take part in the bidding of oil and gas projects.

The list of companies includes various oil majors such as Total, Shell, Eni, Gazprom and other multi-national firms, reported the New York Times.

This list, however, does not include BP, which opted out from this bidding process.

According to a report in the Financial Times, BP decided to not take part in this bidding process over any probable tensions in US-Iran relations under Donald Trump's presidency in the US.

BP is based in London and has more than 40% shareholders from the US, with around 30% American employees.

Trump previously stated that he will work to put an halt to the US nuclear deal with Iran signed during Obama's regime, and impose new restrictions, reported Reuters.

Last October, Iran invited bidding applications from international companies for its 50 exploration and production projects.

Iran has the second largest gas reserves and the fourth largest oil reserves in the world, however, it needs overseas investment to modernise its infrastructure.