If it's anything like the situation in the UK's part of the North Sea then it'll be development of new wells in existing fields rather than entirely new exploration.

The majors have effectively abandoned new drilling, leaving a bunch of smaller or independent players - but even they are mostly doing limited appraisal & development operations rather than exploration in the traditional sense.

If the Iran situation drags on for more than a year then there'll likely be a temporary increase in activity, but the declining trend will almost certainly continue in the longer term even without further regulatory intervention.