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Iran to issue first IPC-based oil tender next month

Business Materials 10 May 2017 16:21 (UTC +04:00)

Baku, Azerbaijan, May 10

By Emil Ilgar – Trend:

Iran plans to issue first tender, based on newly designed oil and gas agreements, called Iran Petroleum Contract (IPC) next month, Managing Director of the Oil Development Engineering Nuroddin Shahnazizadeh said May 10.

He added that the first tender would be issued on Azadegan project, Mehr reported.

Iran introduced the legal generalities of IPC in November 2015, but the new contract model hasn’t been approved by Supreme National Security Council yet.

Iran plans to issue tenders on 49 oil and gas projects for foreigners, worth $100 billion. Iran’s Oil Minister Bijan Namdar Zanganeh said recently that some $30 billion worth of investment is expected to be attracted by IPC.

Shahnazizadeh said that Iran’s priority is developing West Karoon Block to increase oil output to 1.2 mb/d from this block.

West Karoon block, including North and South Azadegan fields, Yadavaran and North and South Yaran fields contains 64 billion barrels of in-situ reserves, which currently share about 6 percent of the country's total crude oil production.

Shahnazizadeh added that Iran invited France’s Total, Japan’s Inpex, Malaysian Petronas, Thailand’s PTT, China’s CNPC and Sinopec as well as Italy’s Eni to take part in tender.

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