Iran Eyes Three IPC Upstream Contracts By March 2017

Iran is adopting a more realistic target for signing the first contracts under the Iran Petroleum Contact (IPC). It is aiming for two-to-three contracts to be signed by the end of the current Iranian year (20 March 2017) says Deputy Managing Director of the National Iranian Oil Company (NIOC) Gholamreza Manouchehri.

“If everything goes well, by the end of the year we will sign two to three contracts based on the model… not more than three,” the petroleum ministry’s Shana website quotes him as saying on 27 August.

As recently as June, Oil Minister Bijan Zanganeh was still stating that he hoped the first contracts would be awarded by October, but this always looked overly optimistic (MEES, 17 June). (CONTINUED - 924 WORDS)

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table Iran Post-Sanctions Upstream Agreements With Foreign Firms