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Iran to Prioritize Joint Fields Under IPC

Source: www.gulfoilandgas.com 5/11/2015, Location: Asia

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A senior Iranian official has said that the new type of oil contracts which is being drafted further attract foreign companies should prioritize hydrocarbon fields it shares with neighbors.

“In the IPC (Iran Petroleum Contract) contracts, joint fields should be given the priority. We have to make [the contracts] attractive enough for oil companies to be more willing for investment,” Mehdi Hosseini said.

Hosseini heads a committee named by Minister of Petroleum Bijan Zangeneh to sweeten oil contracts.

He said that big oil companies have said they are no long interested in Iran’s buyback deals.

IPC is replacing buyback deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.

But under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.

“We are in a competitive world of finance, capital and services. Therefore, we have to design a contract model to be able to compete without losing the game,” Hosseini said.

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