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Iran Will Sign 7 IPCs Worth $40 Billion

The National Iranian Oil Company is set to finalize seven new agreements on development of oilfields within the framework of Iran Petroleum Contract, the country’s new model of contract for oil and gas projects
Iran Will Sign 7 IPCs Worth $40 BillionIran Will Sign 7 IPCs Worth $40 Billion
IPC deals will be used to develop large-scale upstream projects

The National Iranian Oil Company is planning to sign seven agreements on development of oilfields within the framework of Iran Petroleum Contract, the country's new model of contract for oil and gas projects, a senior NIOC official said.
"We are looking forward to signing the deals with a total value of $40 billion by mid-October," Gholamreza Manouchehri, deputy for development and engineering at NIOC, was also quoted as saying by Shana on Monday.
Three IPCs have so far been signed on development of five oilfields. The first was concluded with the French energy giant Total S.A. in July 2017 to develop Phase 11 of the South Pars Gas Field in the Persian Gulf. 
The second accord was clinched in March with Russia's state-owned oil company Zarubezhneft for the development of Aban and West Paydar oilfields near Iran-Iraq border. 
The third contract was signed between NIOC and a domestic firm, Pasargad Energy Development Company, to develop two oilfields, namely Jofeir and Sepehr in Khuzestan Province in line with policies to help expand domestic companies' exploration and production operations.
Manouchehri added that the seven prospective contracts will involve the development of 10 oilfields. However, he did not elaborate.

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