An exploration & production (E&P) company is known to be in a specific sector within the oil and gas industry.
Companies involved in the high-risk/high-reward area of exploration and production focus on finding, augmenting, producing and merchandising different types of oil and gas.
The Iran Petroleum Contract puts an end to a two-decade old buyback system that prevented foreign companies from booking reserves or taking equity stakes in Iranian companies. Under some circumstances, the new model allows reserves to be booked, but foreign companies would still not own oilfields.
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