Iran Plans Energy Tenders in Summer

Tehran will hold tender for more than a dozen oil and gas exploration blocks in summer, Saleh Hendi, the head of exploration department at the National Iranian Oil Company, said.

"After assessing more than 40 oil and gas blocks, we chose 14 blocks for tender," Hendi was quoted as saying by ISNA on Friday.

The official did not comment on the location of the exploration blocks.

"We should wait and see how many companies will step forward to bid. We are currently negotiating with several companies on developing the oil and gas blocks," he said, noting that Iranian and foreign companies can participate.

"Tenders for the oil and gas blocks will be held under the framework of the new petroleum contracts," Hendi said, referring to the Iran Petroleum Contract (IPC) that has been designed to attract foreign funding and technology for the key energy sector after years of underdevelopment and limited investment.

Earlier this week, Hendi gave an account of 13 oil and gas fields discovered in the past three years, most of which are in the south and southwest. From  among the latest discoveries, nine are gas fields.

The newly discovered fields are estimated to hold 6.5 billion barrels of crude oil and 1.7 trillion cubic meters of natural gas.

The Oil Ministry has said the first oil tender under the new model of contracts will be held in February after repeated delays. 

The giant South Azadegan Oilfield is billed as the first to be tendered. The coveted field in Khuzestan Province near the border with Iraq holds an estimated 33 billion barrels of oil in place.

Tehran unveiled a list of 50 oil and gas fields in November 2015 for development under the IPC framework. 

However President Hassan Rouhani's administration has yet to hold the first tender under the new model of contracts in what should apparently pave the way for international oil and gas companies to resume operations in Iran.

Most energy majors left Iran at the turn of the decade due to international restrictions imposed on doing business with Tehran over its disputed nuclear program.