Tag Archives | oil contracts

New Oil Contracts on Agenda: Iranian Minister

Iran’s Oil Minister Bijan Zanganeh predicted that his ministry would sign 10 new contracts, mostly on the development of oilfields, by the end of the current Iranian year (March 2018). Given the serious negotiations with other parties, it is predicted that some 10 new oil contracts will be signed until the end of the current […]

Iran Eyes over $50bn Worth of Oil Contracts

Iranian Oil Minister Bijan Namdar Zanganeh said he would make efforts to pave the grounds for signing $50 to $60 billion worth of oil and gas contracts with foreign companies by the end of the current Iranian year (March 20, 2018). Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Sunday night, Zanganeh, who […]

NIOC Denies Halt to New-Style Iran Oil Contract

An Iranian oil official dismissed comments by an MP that a new format of the country’s oil contracts has been abandoned, saying the high degree of sensitivity requires experts to spend more time on formulating the final version of the contract before it comes into force. Speaking to Tasnim on Tuesday, CEO of the National […]

US Firms may be Hindered in Iranian Oil Projects

Iran has imposed no restrictions on U.S. oil firms willing to take part in energy projects in the country but American sanctions make such cooperation impossible, Iran’s deputy oil minister has said. “Iran has not imposed any restrictions on the U.S. companies, but they cannot participate in our (oil and gas) tenders due to the […]

Iran Approves 29 Int’l Companies for Oil Projects

Iran’s oil ministry has certified 29 international companies to bid for oil and gas projects in the country under its new format of oil contracts. According to the report by the oil ministry’s news website Shana, 29 companies, including Shell, France’s Total, Italy’s Eni, Malaysia’s Petronas and Russia’s Gazprom and Lukoil, as well as companies […]

Iran has Signed 12 Oil Contracts with Foreign Firms

A senior Iranian oil official said the country has signed 12 contracts with foreign companies operating in the oil industry. The Islamic Republic has signed 12 memorandums of understanding (MoUs) with foreign oil companies so far, the deputy head of the National Iranian Oil Company (NIOC), Gholamreza Manouchehri, said on Monday. He added that there […]

Iran Calls for Oil Majors to Tender

Iran has invited global energy giants to a tender for the development of several of its key oil sector projects. The National Iranian Oil Company (NIOC) has called on foreign exploration and production companies to submit the required pre-qualification documents for the tender. It is stated in the statement published on NIOC’s website that the […]

OMV not impressed by new Iran Oil Contracts

By John Lee. The Chief Executive of Austrian energy group OMV has said that Iran’s oil contracts are not yet suitable for his company to invest in planned projects in the country. Rainer Seele (pictured) told Reuters on Wednesday: “This process is still ongoing; this is taking quite a long time… We have not yet […]

Cabinet Approves New Oil Contract Model

An amended draft of Iran’s new model for oil and gas contracts was approved by the government on Wednesday. At a cabinet meeting in Tehran on Wednesday, the Iranian administration gave its final approval to the draft titled “General Conditions, Structure and Patterns of Upstream Oil and Gas Contracts” after it underwent over 150 minor […]

Iran to Modify Oil Contracts Based on ‘National Interests’

Iran’s vice-president for legal affairs announced that the country plans to make necessary amendments to the new model of oil contracts with foreign countries in accordance with “national interests”. Addressing the International Conference of Optimizing Upstream Oil and Gas Contracts, Elham Aminzadeh pointed to recent remarks by Leader of the Islamic Revolution Ayatollah Seyed Ali […]

Are Hard-Liners moving in on Iran’s Oil Ministry?

By a Correspondent in Tehran, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s crude exports nearly tripled between November 2015 and May 2016. The state-run National Iranian Oil Company (NIOC) hit pre-sanctions levels of sales late this spring, shipping out 2.6 million barrels per […]

Iran in Talks on New Oil Contracts

Iran’s Oil Minister Bijan Namdar Zanganeh said the country’s revised oil contracts are being negotiated with foreign customers. Speaking on a radio program, Zanganeh said efforts are underway to clinch deals based on the new oil contracts. He said, however, that he could not say when and with whom those contracts will be signed. Zanganeh […]

New Petroleum Contracts Producing more than Oil

By Reza Yeganehshakib, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. After Iran and the six world powers signed the nuclear deal last summer, the Iranian Cabinet on Sept. 30 approved the general terms for new upstream oil and gas contracts, known as the Iran […]

IOEC, Int’l Firms in Negotiations

The Managing director of the Iranian Offshore Engineering and Construction Company (IOEC) hsa said the Iranian firm is in negotiations with foreign counterparts to launch offshore projects based on the newly introduced petroleum contract models (IPC). “IOEC will cooperate as partner or contractor with the international companies,” Gholamreza Manuochehri told Shana. “Some 30 offshore projects […]

New Iran Petroleum Contracts to Bring More Revenue

The Managing Director of the Iranian Offshore Oil Company (IOOC), Saeid Hafezi (pictured), said Iran’s new contract models for investment in development of oil and gas fields can generate higher revenues compared to buy-back contracts. “The Iran Petroleum Contract (IPC) Conference was successful in achieving the objectives of introduction of contracts, potentials, and investment opportunities […]

High Hopes for New Iranian Oil Contracts

By Farshad Kashani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran has devised a new contract model — designed to benefit both the National Iranian Oil Company and international contractors — that it hopes will bring in billions of dollars in investments. Unlike some […]

Iran Invites Foreign Firms to Develop Oil and Gas

By John Lee. Iran’s deputy Oil Minister has said that the country is inviting foreign investors to actively develop its energy industry after the expected easing of sanctions. Rokneddin Javadi (pictured) told Reuters: “We welcome all oil companies, including the Americans, that meet Islamic Republic’s requirements to invest in Iran. We welcome competition among foreign […]

Iran Cabinet Passes New Oil, Gas Contracts Bill

The Iranian cabinet approved the Petroleum Ministry’s draft international contracts by endorsing the general terms, organization, and pattern of the new upstream oil and gas documents introduced as Iran Petroleum Contract (IPC). Increasing of oil and gas production capacity especially in joint fields, adoption of modern procedures, signing contracts with authorized companies in exploration, development, […]

US Firms ‘Likely to Attend’ Oil Contracts Conference

The Managing Director of the National Iranian Oil Company (NIOC) said the US companies are likely to take part in the upcoming conference to unveil Iran’s new oil contracts in Tehran. “There is no clear picture about their participation, but the chance can’t be ruled out,” Rokneddin Javadi (pictured) told Shana. “The government has laid […]

Iran to Unveil New Oil Contracts in Nov

The Managing Director of the National Iranian Oil Company (NIOC) has said Iran will introduce its new oil contracts in early November in Tehran. “The first phase of contracts will be unveiled in November in Tehran and a follow-up conference will be held in one or two months in London,” Roknoddin Javadi (pictured) told reporters. […]