Iran Approves Draft For New Upstream Contracts

The Iranian cabinet approved the Petroleum Ministry’s draft for new international upstream oil and gas contracts by endorsing the documents known as Iran Petroleum Contract (IPC). 

‘Increasing of oil and gas production capacity especially in joint fields, adoption of modern procedures, signing contracts with authorized companies in exploration, development, and production from oil and gas fields, and attraction of foreign investment are to be achieved within IPC framework’ Shana reported on Wednesday, mentioning Germany, Spain, Austria, Italy, and France as potential partners. 

According to a recent declaration of Minister of Petroleum Bijan Zangeneh, the new contracts will be more attractive.

“More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” Zangeneh stated.

Also on Wednesday, official news agency Shana wrote that Iran will build a second oil and gas export terminal in Jask.

‘Secretary of the Supreme Council of Iran’s Free Trade, Industrial, and Special Economic Zones said the country’s second terminal for exporting oil and gas after the Kharq Island in the Persian Gulf will be constructed in the Jask port, southern Hormozgan province.’