Commenting more on the new oil contracts, Manouchehri said the new model of oil contracts are the developed model of the buy-back contracts.
“The main distinction between the two is the type, financial scheme and quality of capital return which the new contracts give more importance to the volume and time period and the contractor is committed to voluminous production from the reserves.”
He then referred to abundant opportunities of investment available to the oil industry and said countries have concentrated major portion of their time and energy on methods of enhancing recovery. Development of joint fields and increasing coefficient of recovery in fields are among priorities of the NIOC today to win capital, he added.
Oil economic growth is targeted to stand at 9.2 percent by end of the 6th plan, he announced.