Iran plans $50 billion of investment to boost recovery from its shared oil and gas fields, including 700,000 barrels per day of crude, Minister of Petroleum Bijan Zangeneh says.

UK's biggest oil and gas engineering company Amec Foster Wheeler says it is gearing up for a return to Iran.

A former leader of the UK’s Conservative Party faces bribery allegations over a British oil company’s performance in Somalia.

Iran will offer the South Pars oil layer and three gas fields to foreign investors at the upcoming London conference where the country will also unveil its new contract formula, an energy official says.