Iran Aims For Bid Round By July To Speed Up IOC Return

Iran oil output is edging up. Western firms are keen to return, but most 'deals' signed so far are provisional. Big investment commitments first require clarity on the investment terms. And that may be some months away.

Iranian oil production and exports continue to rise, albeit below the Islamic Republic’s stated ambitions. In order to push production beyond pre-sanctions figures Iran needs to secure contracts with IOCs. But despite a steady flow of new agreements – in both upstream and downstream, the big deals are on hold until Iran finalizes its new contract terms. It hopes to hold a first bid round by July, but the clock is ticking.

SECURING EXPORT MARKETS KEY

Despite Iran’s ambitious crude production plans, the immediate priority is to regain market share lost as a result of international sanctions. There is no point in increasing production if there are no buyers. (CONTINUED - 1451 WORDS)

DATA INSIDE THIS ARTICLE

table Foreign 'Deals' With Iran Post-Sanctions