Iran state firm NIOC has received feasibility study proposals for development of Changuleh oil field from Norway’s DNO, Russian state giant Gazprom Neft and Thai state firm PTT.

The proposals follow MoUs, among 20 such upstream deals signed by NIOC and IOCs since January 2016 (see table).

DNO and PTT are among the 34 IOCs prequalified by NIOC to bid for upstream projects under the IPC terms, which replace the previous unpopular pre-sanctions buyback contracts. Russian state firms...