Iran ratifies new petroleum contract model

Offshore staff

TEHRAN, Iran – The Iranian Cabinet has endorsed the general terms, organization, and pattern of the new upstream oil and gas documents introduced as the Iran Petroleum Contract (IPC), according to news service Shana.

Among the aims are to increase Iran’s oil and gas production capacity, especially in fields straddling the median line with neighboring countries; signing contracts with authorized companies in exploration, development, and production from oil and gas fields; and attracting foreign investment.

Minister of Petroleum Bijan Zangeneh told Shana the new contracts and projects will be outlined to foreign investors at a conference to be staged in Tehran between Oct. 23 and Nov. 21. An event in London will likely be staged subsequently.

In early September, Zanganeh also said Iran was interested in technology transfer from foreign partners to its domestic companies.



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