TEHRAN – National Iranian Oil Company (NIOC) is expected to sign 10 deals based on Iran’s new model of oil contracts (known as IPC) by the end of the current Iranian calendar year (March 20, 2018), Shana reported on Monday quoting Iranian oil minister as saying.

According to the report, Bijan Namdar Zanganeh said that NIOC has been holding serious talks with various potential suitors based on the oil ministry’s priorities.

“All the negotiations are proceeding smoothly in a way that none of them impedes the others,” he asserted.

Asked about the ministry’s priorities, Zanganeh noted that development of South Pars oil layer, as well as Azar, Sohrab, Ab Teymour, Mansouri and Azadegan oilfields are top priorities for the time being.

The minister further stated that all the contract documents have been finalized, explaining “Each field has its own technical complexities thus needs specific documentation, so we couldn’t apply one field’s documents to others.”

“Technical aspects must be clear to make discussing financial issues and investment procedures possible,” he added.

EF/MA