Iran to present new model of oil contracts

Iran will present the new model of contracts to domestic and foreign companies – the Iran Petroleum Contract (IPC).

The Iranian Oil Minister Bijan Namdar Zanganeh said before meeting the Minister of Economic Affairs of Netherlands Henk Kamp in Tehran that Iran plans to conclude future oil contracts on the basis of the Iran Petroleum Contract model, Shana news agency reports. He did not mention the exact date of the presentation.

The new model of oil contracts was designed to increase the attractiveness of Iranian oil projects for foreign investors. The IPC offers exploration, development, and production at oil and gas fields in an integrated package.