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Iran to make a revision of oil contracts

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Staff writer |
Iran oilOil Minister Bijan Namdar Zanganeh has ordered a structural revision of oil contracts in Iran. Until revision is completed, domestic contractors are consulting Iranian and foreign experts in order to make the oil contracts more attractive for foreign investors.


"The oil minister has issued a specific order for following up on reforming the structure of oil contracts in the country in order to invite all well-known domestic and foreign oil companies for maximizing national interests," said Abdol-Mohammad Delparish, director of consolidated planning at National Iranian Oil Company, told Shana.

"At present, expert groups have been set up and the necessary studies have started to that effect. We are currently studying different generations of buy-back contracts in the petroleum industry," said Mr. Delparish, writes Fars News Agency.

"Currently, production sharing agreements are not the priority in the petroleum industry and the focus is on other types of contracts like buy-back which has already been experienced in the petroleum industry. Therefore, the more precise the production plan, the more recovery will be possible," added Mr. Delparish.

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