A top official of the energy giant, BP, says his company is interested in making new investments in Iran's energy sector after international sanctions against the Islamic Republic over its peaceful nuclear program are removed.

Asked by Press TV in Austrian capital city of Vienna if BP will be interested in investing in Iran once sanctions are lifted, Bob Dudley said, “Certainly. If the sanctions are removed and the framework [agreement] is there” the company will be willing to return to Iran's energy market.

He added that BP has a long long history of working in energy sector “and would be very much interested in investing in Iran.”

Dudley is currently in Vienna to take part in the 6th OPEC International Seminar.

Asked if his company’s prospective investment in Iran would be in offshore or onshore energy projects, he said, “I think we’re experiencing both offshore and onshore. My initial reaction would be probably onshore – both oil and gas – but I think it’s very immature.”

Sanctions against Iran were imposed by the US and European Union at the beginning of 2012, alleging that there was diversion in Iran's nuclear program toward military objectives. Iran categorically rejected the allegation, noting that its civilian nuclear program is only meant for peaceful purposes.

The Islamic Republic and the P5+1 group of countries – the US, the UK, France, Germany, Russia and China – reached a mutual understanding on April 2 in the Swiss city of Lausanne, which is considered a prelude to the achievement of a comprehensive deal before a self-designated deadline at the end of June. A key point of Lausanne statement was a promise to lift a series of economic sanctions on Iran – including those on the country’s energy sector.

The Organization of the Petroleum Exporting Countries (OPEC) is hosting its 6th International Seminar at the Hofburg Palace in Vienna, Austria, on 3−4 June 2015. The theme of the event is “Petroleum: An Engine for Global Development.”

The seminar will examine a range of important energy issues with presentations by ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.

Major topics to be discussed at the seminar include the global energy outlook, market stability, oil investments, technology and the environment, and the state of the world economy.

Earlier on Wednesday, Iran’s Minister of Petroleum Bijan Zangeneh called for an “appropriate decision” by OPEC to curb a global oil supply glut.

Speaking to Press TV upon arrival in Vienna, Zanganeh said, “It's very clear that we have oversupply in the market and this oversupply puts pressure on the price.”

However, OPEC Secretary General Abdalla el-Badri, believes that the situation in the oil market will finally balance out despite low oil price.

His comment came after he was asked by Press TV, “Don’t you think that poorer members of OPEC are suffering as a result of the lower oil price, which was a consequence of the decision made by OPEC six months ago?”

Badri said, “We’ve been enjoying a very high price and income for the last 7-8 years, and we have this low price for the last 4-5 months. So, yes there are some complaints, but I think this will balance out.”

HLZ-SS/SS