Iran has prepared a format of petroleum contracts to enter into with foreign partners

Almaty. March 18. Silkroadnews – Iran has prepared a format of petroleum contracts to enter into with foreign partners, IrTAG reports with reference to foreign media.

“The ultimate version of a new format of Iran’s oil contracts, known as Iran Petroleum Contract (IPC), has been prepared in compliance with the cabinet’s measure and will be used for putting development of a major oil field out to tender”, the statement said.

The final version is said to comply with the conditions set by the cabinet of President Hassan Rouhani for new contracts with the foreign partners.

It is reported that the Azadegan oil field will be the first field the IPC standard will be applied to when announcing the tender in spring 2017. The contract will include the development of both South and North Azadegan fields.

It is believed that a foreign oil giant will be assigned as a project operator with around $1 billion of investment, while an Iranian company would be chosen as a partner in the consortium.