Iran’s new upstream investment contract model will be finalised by early June, ahead of the country’s first post-sanctions international bidding round, scheduled for June-July. But a flurry of lower-profile deals with foreign companies since Iran was freed from US and EU nuclear-related sanctions in January suggest that many firms have already seen enough of the new terms to dispel any doubts. Tehran unveiled the Iran Petroleum Contract (IPC), which is over two and a half years in the making, in November, as part of its drive to attract foreign operators back to its upstream. But the oil ministry has struggled to settle on a so-called final draft of the IPC, in the face of pockets of pressure from the Iranian parliament and within the ministry itself over some of the terms.
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