Reuters: Iran's New Oil And Gas Contracts Terms Flexible on Oil Price, Risk

Iran's new oil and gas contracts will have flexible terms that take into account oil price fluctuations and investment risks, a senior Iranian official told Reuters on Saturday.

Iran is trying to lure back international oil companies to develop its vast oil and gas reserves once sanctions are lifted under a deal with world powers.

Iran will announce a new development contract model at conferences in Tehran on Nov. 28-29 ‎and in London in February.

‎"What we are offering is very flexible model of contracts, it is integrated exploration, development, production all those terms‎," Mehdi Hosseini, head of Iran's oil and gas contracts restructuring committee, told Reuters.

‎"The fee per barrel that is paid as profit to the company‎ is flexible based on the risk which is considered ...‎ Higher risk, higher reward, lower risk, lower reward," he said in an interview on the sidelines of a gas conference in Tehran. MORE