Iran has signed the first contract under the framework of the new Iran Petroleum Contract (IPC). But the non-binding deal is with a well-connected local firm, whilst further tweaks are still being made to the IPC framework.

A heads of agreement (HOA) was signed between the National Iranian Oil Company (NIOC) and the Persia Oil and Gas Industry Development Company on 4 October. The $2.2bn deal is for the development of four fields in southwest Iran – Kupal, Marun and North and South...