“Of 40 exploration blocks..., 17 blocks are ready [to be introduced] when the new oil contracts are to be unveiled in London,” Hormuz Qalavand, director of exploration at National Iranian Oil Company (NIOC, said.
“Alongside these blocks, all development and exploration blocks are to be introduced simultaneous with the introduction of Iran Petroleum Contract (IPC),” he added.
Qalavand said NIOC has been in talks with top European companies in order to attract them back into Iran.
A petroleum ministry committee has been modifying the terms of oil contracts in order to sweeten them for foreign companies. The new model, IPC, is replacing buyback deals.
Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.
But under the IPC, NIOC will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.
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