Iran Petroleum Contract ready for launch

Iran’s Ministry of Petroleum today published the new oil and gas contracts framework which will be presented formally to foreign companies in Tehran next week.

The Iran Petroleum Contract (IPC) has been published on the website of the ministry’s Shana news agency.

“The newly-devised oil contracts are the result of a collective wisdom, approved by the government without the least alteration,” head of the oil contracts revision committee Mehdi Hosseini was reported as saying on 18 November by Press TV.

The new oil and gas contracts will be presented at conferences in Tehran on 21-22 November and 22-24 February in London.

Hosseini said about 50 projects worth $185 billion will be unveiled at the Tehran event.

The new projects include brown and green field schemes and exploration blocks.

The IPC replaces buy-back deals. This required the payment of a fixed price all hydrocarbons produced.