LONDON — Outside the boardroom of BP’s headquarters in London, a display case houses the geological data from Masjid-i-Solaiman, Iran’s first oil well. The discovery of crude in 1908 laid the foundations for the company that would become British Petroleum and opened one of the richest opportunities that western oil companies have ever enjoyed in the turbulent Middle East. Since then the industry’s history in Iran is intertwined with Central Intelligence Agency (CIA)-backed coups, colonial exploitation and the anti-western resentment of the 1979 Islamic Revolution.Now, as Iran and the US enter 11th-hour negotiations to reach a nuclear deal and ease sanctions, the Middle Eastern country is emerging again as a potential prize for western oil companies such as BP, Royal Dutch Shell, Eni and Total. The Chinese can also be expected to enter the race, while US companies, more burdened by sanctions and legacy, will be further back in the pack."The history of the oil companies is Iran," says...
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