Iran to Sign $80bn Oil Deals in 2 Years

Iran plans to strike $80 billion worth of oil contracts over coming two years as the country is set to implement newly-developed IPC contracts, a deputy head of National Iranian Oil Company (NIOC) said on Monday.

“After signing $80 billion worth of contracts over the next two years, a labor market valued at around $50 billion would be created for domestic companies and contractors,” Gholam-Reza Manouchehri said.

IPC (Iran Petroleum Contract) is a new model of oil contracts set to replace buybacks.

He added that plans were under way for “stabilizing and boosting Iran’s standing within the Organization of the Petroleum Exporting Countries (OPEC) and the world.”

Manouchehri said the country contained more than 150 billion barrels of recoverable liquid hydrocarbon deposits and more than 700 billion barrels of oil in place.

“As it was already noted, every one percent increase in the recovery rate would mean an increase of 7.5 billion barrels of oil to the existing known reserves,” he added.

“Iran will continue to rank first to third among main energy players in the world,” he said. “We have to reach a point where we would be owning oil and gas technologies and we should not be content with being only a vendor.”

(Source: PEDEC)

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