Iran Opens Pre-Qualification For Upstream Tenders

After signing its first IPC deal with a domestic firm earlier this month, Iran has now opened pre-qualification for foreign firms seeking to bag upstream contracts. The first field up for grabs is the 42bn barrel South Azadegan field.

Iran has opened pre-qualification for oil fields under its Iran Petroleum Contract (IPC) as of 17 October. Applications must be submitted by 19 November and the successful companies will be announced on 7 December. The National Iranian Oil Company (NIOC) has not announced which fields will be offered initially, except for confirming that the South Azadegan field will be the first to be offered.

NIOC Managing Director Ali Kardor announced on 17 October that a tender for the 42bn barrel field, currently producing around 60,000 b/d, is planned for next month, before pre-qualification concludes. The winner is expected to be announced in early 2017.

Iran aims to boost production at the field to 320,000 b/d under Phase One of the development, eventually peaking at 600,000 b/d under the second phase. This would require around $10bn investment according to Gholam-Reza Manouchehri, Deputy Managing Director of the NIOC. (CONTINUED - 914 WORDS)

DATA INSIDE THIS ARTICLE

table NIOC Post-Sanctions Upstream Agreements With Foreign Firms