Iran offers 10 oil and gas projects

TEHRAN, Aug. 7 (UPI) -- The National Iranian Oil Co. announced 10 oil and gas tenders following the discovery of 3 billion barrels of oil reserves at various fields.

NIOC Director Seifollah Jashnsaz said the oil and gas projects would be tendered to local and international firms as early as September, the Fars News Agency said.

The move coincides with increasing economic sanctions and Western pressure against the Islamic Republic. French energy giant Total pulled its interest from several Iranian projects in July, though Royal Dutch Shell remains active in natural gas projects there.

The Iranians blame the bullish energy market on tough economic sanctions against the third-largest oil-producing nation in the Organization of Petroleum Exporting Countries. OPEC members said oil supplies are adequate and say speculation and a declining U.S. dollar are driving market conditions.