New Oil Contracts to Be Unveiled in Nov.

New Oil Contracts to Be Unveiled in Nov.New Oil Contracts to Be Unveiled in Nov.

Iran will lift the curtain on the framework of its multibillion-dollar oil contracts in a conference on November 28-29 in Tehran, according to the chairman of the Oil Contract Revision Committee.

"The conference will host a large number of major foreign and local companies, academic figures and economic experts in Tehran," Seyyed Mehdi Hosseini was quoted as saying by Shana.

The Islamic Republic's revised contracts, known as Iran Petroleum Contract or IPC, is aimed at accelerating the development of oil and gas fields, making up for underdevelopment of joint fields over the past few years and employing advanced technologies in the energy sector.

Officials say Tehran has sweetened the terms of the new contract to attract billions of dollars in foreign direct investment for up to 50 oil exploration and production projects, and revised some of the drawbacks of previous oil contracts, such as the terms of the buyback contracts.

In addition to demonstrating the Oil Ministry's priorities in investment deals, the two-day event will highlight the performance and activities of the oil industry and provide details to Iranian and foreign investors.

An exhibition on the products, achievements and services of local companies is also scheduled to be held on the sidelines of the conference.

"The private sector must consider this opportunity to introduce and establish itself in international markets and gain credibility," he said, allaying concerns expressed by local firms over rivalry with foreign ones to enter into oil deals.

"The IPC framework has been structured in a manner that enables local companies to grow abreast of foreign ones in setting foot on the international stage independently in the years to come," he said, adding that domestic firms will be empowered to become exporters of oil-related technologies.

The event will be followed by a full-fledged unveiling in London on February 22-24.

Abdollah Younesara, a senior energy industry analyst, said in September that the upcoming IPC seminars in Tehran and London are equally important, despite statements from government officials that the Tehran convention will be used to introduce the framework of the new petroleum contracts.

"Oil Ministry does not pursue different plans in either conference. We ultimately look forward to having a successful introduction of the new oil deals," he said, stressing that Iran has a better chance of negotiating and reaching agreements with foreign contractors in the capital city Tehran.