Summit to reveal further details of Iran Petroleum Contract

摘要

THE INTERNATIONAL OIL and gas industry turned its collective attention to Tehran towards the end of last year as the Iranian Ministry of Petroleum formally unveiled the new Iran Petroleum Contract (IPC) and dozens of projects that are to be opened to international investment. The IPC marks a significant improvement from the previous buy-back contracts that were unpopular with international oil companies, now in some cases allowing reserves to be booked, covering a period of up to 25 years and NIOC no longer limiting capital spend, in an effort to stimulate interest from international oil companies with the recent lifting of sanctions and the opening of the country's oil and gas sector to foreign investment.