TEHRAN – National Iranian Oil Company (NIOC) is expected to sign the third IPC-based deal with a foreign company within two weeks, ISNA reported on Wednesday quoting NIOC’s Managing Director Ali Kardor.

“The names of the foreign company, the field and details of the contract will be released after the signing”, Kardor said when asked about the details of the deal.

According to the official the candid company is among the companies which have done primary studies on the country’s oilfields.

Iran inked its first contract under its new model of oil contracts (known as IPC) with France’s Total and China’s state-owned National Petroleum Corporation (CNPC) for development of phase 11 of its South Pars gas field in July 2017.

Under pressures by the United States that threatened to impose sanctions on companies that do business in Iran, Total officially withdrew from South Pars gas deal in August 2018.

The second IPC deal was signed in March 2018 with Russia’s Zarubezhneft for developing Aban and Paydar-e Gharb oilfields in west of Iran.

Kardor had earlier said three IPC-based deals will get ready for final signing by the end of the current Iranian calendar year (March 20, 2019).

EF/MA