Tehran to Hold 1st IPC Tender in January

Tehran to Hold 1st IPC Tender in JanuaryTehran to Hold 1st IPC Tender in January

Tehran is expected to hold the first international tender to develop its oil and gas fields later this month, Ali Kardor, the head of National Iranian Oil Company said.

"The first oil tender will likely be held in late January for South Azadegan Oilfield," Kardor said, ISNA reported on Tuesday.

The official made the statement after the NIOC published a list of 29 international oil and gas companies certified to bid in Iran's dozens of oil and gas development projects. Some 60 international companies had reportedly submitted their documents in the pre-qualification process for Iran's energy tenders.

France’s Total, Royal Dutch Shell, Italy’s Eni, Lukoil and Gazprom of Russia, Danish conglomerate Maersk, China’s CNPC and Sinopec, Austria’s OMV and Schlumberger are among the top energy companies approved for working in Iran's emerging energy market.

The Financial Times said BP had opted out of the bidding because of concerns over possible renewed US-Iran tensions after president-elect Donald Trump takes office on Jan. 20.

Total S.A. and the China National Petroleum Corporation have already indicated strong interest in the coveted South Azadegan project near the border with Iraq.

Tehran aims to sign new oil and gas development deals under a new style of contracts, officially known as Iran Petroleum Contract, which obliges foreign companies to work and share their knowhow with an Iranian company.

The new IPC has more flexible terms that take into account oil price fluctuations and investment risks.

NIOC signed the first IPC agreement in October with a domestic company to develop three small and medium-sized oilfields in the southern oil-rich Khuzestan Province.

Kardor said in October that Tehran aims to raise crude production to 5.7 million barrels per day in the long run from around 4 million barrels a day at present which is close to its pre-sanctions peak output levels.

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