This potential concern seems to be trumped by the upside that Iran’s oil and gas reserves offer – reserves that could be vital for international oil majors that have struggled to replace barrels that they have produced. Iran has proven oil reserves of 157.53 billion barrels of crude and 34 trillion cubic meters of natural gas, and is eager to ramp up production of both after years of underinvestment. The time will hardly ever be better for international E&Ps to step into Iran, whatever misgivings they might have with regard to the contractual framework they are being offered.