New Iran Oil Contracts Model Approved

New Iran Oil Contracts  Model Approved
New Iran Oil Contracts  Model Approved

The head of Iran's petroleum contracts committee said on Thursday the government has approved a model for new contracts, but it was still being processed by a commission.

Asked when the final draft of the contract will be ready, Seyyed Mehdi Hosseini told an oil summit in Paris that the committee he chairs was hoping for June or July, Reuters reported.

"We are doing our best to do something in June or July," Hosseini said, adding that the Iranian government has approved the model for the new contract.

Hosseini later told reporters that bidding and negotiations for Iran's oilfields will start in June or July.

"The fields that will come for bidding are mostly big fields," he said, adding that some common fields it shares with other countries would also be open to bidding.

Hosseini added that the National Iranian Oil Company may also carry out negotiations for some individual projects.

One such project is Farzad-B Gas Field in the Persian Gulf. According to reports, India is close to securing development rights for develop Farzad-B, which has been excluded from the long list of Iran's oil and gas projects.

He invited international oil companies to "start sending their interests" on potential projects. Iran hopes to attract international oil companies to invest in its oil sector and boost production through the new contracts.

Iran also plans to hold a conference next month to unveil more details of its oil and gas projects under its new contractual framework.

The conference—a follow-up to an international event in Tehran last year—was scheduled to be held in London in February, but was postponed to May because of what Iranian officials blamed on: complications in getting visas.