Investment in Iran's lucrative oil reserves could be a long term opportunity, according Torgrim Reitan, the chief financial officer at oil major Statoil, who refused to rule out a move back into the country after sanctions are lifted.
"We have no concrete plans to get back into that country. When that is said, if you take the long-term the world needs more energy, and the world needs more oil in the long term," he told CNBC Friday.
Iran - the world's fourth biggest oil-producer according to the International Energy Agency (IEA) - and six world powers reached a breakthrough agreement in November to moderate Tehran's nuclear program in exchange for limited sanctions relief.
(Read More: Iran puts out the welcome mat for Big Oil)
The country boldly pronounced itself back on the global stage on Wednesday. Speaking to reporters at the meeting of the Organization of the Petroleum Exporting Countries (OPEC), Iranian Oil Minister Bijan Namdar Zangeneh sent out an invite to oil majors across the globe.
He said that Statoil as well as other companies would be welcome to invest in Iran, according to Reuters, adding that he was already in talks with some of the companies. But analysts warn that Iran remains a tough sell for oil firms.
Trond Omdal, an equity analyst at Arctic Securities who previously worked for Statoil in Iran, told CNBC on Wednesday that project challenges included a lack of transparency, corruption and having to use local suppliers. He added that "buyback" terms were also often unfavorable. Buybacks occur when international oil companies invest billions upfront in projects in return for a pre-agreed share in oil and gas revenues.