Iran says it plans to introduce more than 50 new oil projects to international investors in what will be a key part of the country’s plans to boost oil production in an emerging post-sanctions era.
Seyed Mehdi Hosseini, head of Iran’s Oil Contracts Restructuring Committee, has emphasized that the projects will comprise exploration and production jobs and will be introduced in two upcoming conferences in Tehran and London.
“Immediately after sanctions are lifted, maybe we within some months we can add at least 500,000 barrels per day (bpd). It does not take that long,” Reuters has quoted Hosseini as saying on the sidelines of the Oil & Money conference in London.
“After that we are targeting another 1 million. Maybe in less than a year we can come to our pre-sanction capacity of around 4 million bpd.”
The conference in Tehran will be held in November and the one in London in February 2016. Both will also be an opportunity for Iran to present its new format of oil contracts to investors.
The Iran Petroleum Contract (IPC) will be a modification of the traditional buy-back risk service contracts and have been specifically designed to increase the attractiveness of Iranian oil projects for foreign investors.
The IPC offers different stages of exploration, development and production to the contractors as an integrated package.
Also, Iran will set up joint ventures with the contractors to extract reserves at the fields. The contractors will be accordingly reimbursed through a share of production from the fields.