IRAN

 

The Iran Petroleum Contract: Key Points

 

•  IOCs will set up joint ventures with NIOC for oil and gas exploration, development

and production projects.

•  IOCs will be paid from a share of the project’s production.

•  Contract lengths will range between 20 and 25 years.

•  Payment to IOCs will be determined in line with the risks involved. Terms can be

adjusted over the course of the contract according to the progress...