Iran moves major London oil event to Tehran
Minister of Petroleum Bijan Zangeneh says Iran will hold a conference to unveil its new oil contracts in Tehran instead of London.
The new contacts and projects for development will be introduced to foreign investors in the Iranian month of Aban which begins on Oct. 23, Zangeneh told the Ministry of Petroleum’s Shana news agency on Saturday.
“The new oil contracts will be approved by the government within the next two weeks at maximum,” he added.
The announcement comes after organizers said a conference planned for December in London had been pushed back to February 2016.
Zangeneh said the London conference will go ahead so that the companies which miss the event in Tehran could attend it.
International companies are anxiously looking to Iran’s introduction of new oil projects and the terms under which the oil-rich country would award them for development.
The new projects will be ceded under the Iran Petroleum Contract model for a combination of brown and green fields as well as exploration blocks up for development worth about $185 billion.
IPC is replacing buyback deals which required the host government to pay the contractor an agreed price for all volumes of hydrocarbons it produced.
Under the IPC, different stages of exploration, development and production will be offered to contractors as an integrated package, with the emphasis laid on enhanced and optimal recovery.
Iran will set up joint ventures with the contractors to extract reserves. The contractors will be accordingly reimbursed through a share of production from the fields without owning the reservoir.
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