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33 Countries at IPC Confab

33 Countries at IPC Confab33 Countries at IPC Confab

Companies from 33 countries have officially registered to attend a major conference in Tehran on Iran’s new oil contracts, head of the Oil Contracts Revision Committee said.

“More than 1,300 people have so far registered for Tehran’s oil conference, with 250 of them representing international companies,” Seyyed Mehdi Hosseini was quoted as saying by Shana on Tuesday.

He added that American firms will be absent when the Persian Gulf country lifts the curtain on its long-awaited Iran Petroleum Contract in Tehran on November 28-29.

A second conference is scheduled to be held in London on February 22-24 for a thorough presentation of the Iran’s multibillion dollar oil and gas projects.

According to Oil Ministry officials, constraints imposed by congressional rules on the US oil companies leave no room for American firms to directly participate in the Tehran conference.

Last week, the British daily Times reported that representatives from oil and gas major Royal Dutch Shell will be in Tehran for the IPC confab later this month.

It added that several oil firms, including France’s Total, BP and Italy’s Eni, are likely to participate in the conference.

Major international oil and gas firms have held ongoing negotiations with officials at Tehran to capitalize on the wealth of investment opportunities in the post-sanctions Iran after the country reached an agreement with six world powers in July to limit its nuclear program against the removal of financial and trade restrictions.

Iran is planning to unveil up to 50 oil and gas projects this week, of which around 20 will include discovery and exploration, while 30 projects are designed to boost extraction from oil and gas fields by implementing enhanced oil recovery techniques.

According to Hosseini, the contracts will last for a minimum of 20 years and, in some cases, could be extended to 25 years.

 

Financialtribune.com