BP to develop two oilfields in Iran
Baku, Azerbaijan, Oct. 7
By Fatih Karimov - Trend: Iran has transferred the development of 2 oilfields to British oil major BP.
An informed source told Iran's Tasnim news agency that during the last month's talks between managers of BP with the Iranian Oil Ministry, the development of two oilfields has been transferred to BP within the framework of Iran's new model of oil contracts.
That was while, the Iran Petroleum Contract (IPC) has yet to be unveiled and its content is unknown to Iranian companies and experts.
A number of Iran's oil projects, to be carried out based on the IPC, will be introduced to the foreign investors in the conference, which is to be held in Tehran in the Iranian month of Aban (October 23-Novemebr 21), according to Iranian Oil Minister Bijan Namdar Zanganeh.
On Sept. 26, Zanganeh said Iran would hold a conference to unveil its new oil contracts in Tehran instead of London.
The new model of oil contracts will be announced based on participation between Iranian and foreign companies, so that their investment will be secured for a long period of time. Iran and P5+1 reached a comprehensive nuclear deal on July 14, which paves the way for lifting sanctions on Iran 's energy sector.
BP's Chief Executive Officer Bob Dudley has said the company would be "very much" interested in investing in Iran when sanctions are lifted. BP traded crude and products with Iran before ceasing it in 2011 under intensified Western sanctions.
It owes Iran a debt from the sale of gas produced at North Sea's Rhum field in which the National Iranian Oil Company (NIOC) has a 50 percent stake. Iran's revenues from the field are frozen in an account in London under the sanctions regime.
Edited by CN