The National Iranian Oil Company (NIOC) has announced that it will introduce Iran’s new oil contracts in early November in Tehran.
“The first phase of the new contracts will be unveiled in November in Tehran and a follow-up conference will be held in one month or two in London,” NIOC chief Rokneddin Javadi has been quoted as saying by the media.
Last August, Iran’s Oil Minister Bijan Zangeneh said his ministry will unveil new oil development contracts at a conference in London planned for December.
“New agreements with foreign companies will be signed within the framework of Iran Petroleum Contract (IPC) which I think will be more attractive,” he added.
In early September, Zangeneh welcomed foreign investment in Iran’s energy industry, but said the Islamic Republic is interested in the transfer of technology by foreign partners, IRNA reported.
“More than cash, we would like to have their advanced technology to be transferred to domestic companies,” he stressed.
The IPC will be a modification of the traditional buy-back risk service contracts and have been specifically designed to increase the attractiveness of Iranian oil projects for foreign investors.
It offers different stages of exploration, development and production to the contractors as an integrated package.
Also, Iran will set up joint ventures with the contractors to extract reserves at the fields. The contractors will be accordingly reimbursed through a share of production from the fields.
In the wake of July 24 nuclear deal between Iran and P5+1 group of world powers, Tehran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.
