A final agreement on Iran’s nuclear programme is due on 30 June 2015. An accord could lead to the lifting of sanctions on the country’s oil and gas industry and to the unveiling of new fiscal terms. Iran has huge potential: as the third-largest remaining reserves holder in the world, the country could become a key source of global oil supply after 2020. However, its oil and gas industry is in need of significant external investment. This presents a golden opportunity for IOCs and NOCs.