TEHRAN – Three deals based on Iran’s new model of oil contracts (known as IPC) will get ready for final signing by the end of the current Iranian calendar year (March 20, 2018), IRNA reported on Saturday quoting an official at NIOC as saying.

According to NIOC Managing Director Ali Kardor, based on the new model the selected companies with which the deals are to be signed will be in charge of operations at the awarded fields for a 20-year period.

Speaking at the 2nd Iran International Exploration and Production Congress and Exhibition (Iran E&P 2018) in Tehran, the official noted that North Azadegan will be the first field to be handed over in an IPC-based contract.

“10 technical groups are currently studying and negotiating new oil contracts with the foreign bidders; we hope to see several contracts signed in the upcoming Iranian calendar year of 1397 (March 2018- March 2019)”, he added. 

Earlier in August 2017, Iranian Oil Minister Bijan Namdar Zanganeh announce that National Iranian Oil Company (NIOC) is expected to sign 10 deals based on Iran’s new model of oil contracts by the end of the current Iranian calendar year.

According to the minister, shared oil and gas fields are the ministry’s priority in the IPC-based deals.

EF/MA

PHOTO: NIOC Managing Director Ali Kardor speaking at the 2nd Iran International Exploration and Production Congress and Exhibition