Iran Expects $25bn in Oil Contracts Within 2 Yrs

By John Lee.

The managing director of the National Iranian Oil Company (NIOC) has said that Iran expects foreign oil companies to sign deals valued at $25 billion over the next one to two years, following last week’s approval of a new contract model.

Ali Kardor told Shana that the NIOC has identified 34 foreign companies as suitable bidders to tender for oilfield development contracts over the next six to twelve months, with 12 or 13 fields seen as a priority for the first round of investment.

According to Bloomberg, the government hopes foreign companies will invest as much as $50 billion a year in Iran’s oil industry.

(Source: Bloomberg)

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