Iran to hold first oil tender in October

Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.

The South Azadegan field is on the list for the first tender under the Iran Petroleum Contract (IPC), the Managing Director of the National Iranian Oil Company Ali Kardor said.   "We are calling for technical documents for a tender offer under the framework of the new oil contract model. We will begin sending letters to international oil companies to inform them of the relevant issues next week," Kardor said.   On 3 August 2016, Iran's Council of Ministers passed a regulation governing the general conditions, structure and terms of upstream oil and gas contracts (the IPC Regulation).   Iran expects to sign deals valued at $25 billion over the next two years.