Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.
The government will invite companies to bid to develop the South Azadegan field on Iran’s southwestern border with Iraq during the week of Oct. 14-20, said Ali Kardor, managing director of the National Iranian Oil Co., according to state news agency IRNA. The company expects to sign three contracts worth a total of $10 billion by March 2017, he said.
