Oil Minister Bijan Namdar Zanganeh will soon present a long-awaited template for new Iran Petroleum Contract to the government. "The minister will soon lay out the new model for Iran's international oil contracts to the Council of Ministers," Mehdi Hosseini, head of Iran's Oil Contracts Revision Committee, was quoted as saying by Shana. The new contract will integrate exploration, production and development processes, encourage foreign companies to invest in high-risk areas and promote technology transfer and financial transparency. The new contract format is expected to be formally announced at a conference in London in September. The introduction of the IPC marks a turning point in the way oil and gas industry acquire the much needed know-how to develop oil and gas fields.
