Faced with intensifying US and EU sanctions that have slashed its oil exports and helped drive foreign invest- ment from its oil and gas sector, Iran appears to be pre- paring to improve upstream contract terms. Oil officials have gone on record in recent weeks about possible changes to Iranian law that would allow foreign and domestic oil firms the chance to enter into production- sharing contracts (PSCs). This move would be unprece- dented in post-revolution Iran, as the constitution estab- lished in 1979 bans foreign ownership of energy reserves.
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