Iran approved a new format for the oil contract

Almaty. October 2. Silkroadnews - Iran's government during a cabinet meeting chaired by President of Iran Hassan Rouhani officially approved the new format of the oil contract, which is intended to regulate exploration and production in the fields of the country, informed the Iranian News Agency (IrTAG).
"The Iranian petroleum contract" (IPC) is developed by the Ministry of Oil of Iran in order to increase the attractiveness of the Iranian oil and gas projects to foreign investors. In particular, it offers to contractors to be involved in various stages of exploration, development and production in the fields of the Islamic Republic as an integrated package. IPC is also intended to provide maximum recoverability of hydrocarbons improving on deposits owned by Iran, together with Iraq and Qatar, as well as to attract modern technologies and equipment in the oil and gas industry in Iran.
According to Deputy Minister of Petroleum and head of the National Oil Company (NIOC) of Iran Rukneddina Javadi, a presentation of the new contract will take place at an international conference on oil and gas, which is scheduled in Tehran in the month of Aban of the Iranian calendar (October 23 - November 22, 2015) .