VOL. XLII

No. 28

12-July-1999

IRAN

NIOC Approves New Contract Terms For Companies Interested InExploration Acreage

The National Iranian Oil Company (NIOC) has responded toforeign oil company criticism of its exploration terms by approving a mechanismwhereby explorers will automatically be able to participate in developmentcontracts secured by third parties. The revised guidelines, which wereforwarded to international oil companies last week, were presented to NIOC痴board of directors on 29 June...