Iranian-Saudi Relations Are at Stake with Esfandiar Oil Field

By Marah Bukai

Editor’s Letter

In relation with a recent report by the Iranian Offshore Oil Company, Iranian news agencies have reported that Iran will soon start developing the Esfandiar Oil Field, which it shares with Saudi Arabia in its Lulu Oil Field.

The production from Esfandiar field will begin within the next three years, as Iran works to develop its own self-sufficiency for crude oil and gas away from the harmful sanctions imposed upon Tehran by the United States, which is an attempt that requires years before developing a decent revenue out of the process.

WHIA Channel المقال في فيديو من إخراج فريق وايتهاوس إن أرابيك

Yet, Tehran seems adamant to continue developing its resources after the supply has become increasingly narrow, with most of Iran’s crude oil exports going exclusively to China.

On the other hand, Europe seems keen for Iranian oil to gush into its markets following a unanimous EU boycott of Russian oil due to Putin’s disastrous war on Ukraine.

The tireless efforts of the European Union, along with its attempt to broker a new nuclear agreement between Tehran and Washington, may stem from the urgent needs of Iranian oil. However, a final version of “nuclear agreement” was prepared earlier this month and submitted to all parties for consideration.

The European struggle for external oil will soon reap its outcome, as Tehran has waived the requirement to remove the Iranian Revolutionary Guard from the terrorist list. The Iranian’s condition against Washington’s will, has always been a long-term obstacle in paving a mutual road toward a full and comprehensive agreement.

Most importantly, the Esfandiar field is a shared one with the Kingdom of Saudi Arabia, thus start digging there without any obstacles or difficulties could be a strong signal towards an upcoming talk between the two capitals, Riyadh and Tehran.

Initially, this potential to restore relations began modestly with Iraqi mediation but are quickly escalating considering Washington indicated that a nuclear agreement will be complete within several weeks, even before the American midterm election.

Is a breakthrough nuclear agreement with Tehran, in conjunction with Saudi Iranian advanced intentions to restore relationships (Esfandiar field as an example), coming faster than we imagine?

I wonder.