Iran: ten new contracts in the energy sector by March 2018

Iran: ten new contracts in the energy sector by March 2018

Editorial Staff
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Iran's Minister for Oil, Zanganeh, has indicated that negotiations are underway with various companies concerning a series of new oil contracts

The National Iranian Oil Company (NIOC) intends to sign 10 agreements – based on the country’s new contract model – between now and the end of the current Iranian-calendar year, namely by March 20, 2018. This has been announced by the country’s Minister for Oil, Bijan Zangeneh, as he explained that talks are underway with various sector companies on possible new contracts and that "all the negotiations are proceeding smoothly, in such a way that one negotiation does not interfere with another". When asked what his ministry’s most important priorities were, Zanganeh replied that currently these involve production in the South Pars oilfield, as well as in the Azar, Sohrab, Ab Teymour, Mansouri and Azadegan fields. The Minister also added that, since the signature of the first oil contract after the end of the economic sanctions connected with the country’s nuclear program – between the NIOC and the French company Total – the country had made major progress in the field of financing sector projects with foreign companies.