Iranian oil company discards IPC

Business Materials 20 November 2016 18:26 (UTC +04:00)

Tehran, Iran, November 20

By Mehdi Sepahvand – Trend:

The National Iranian South Oil Company says it will not use the Iran Petroleum Contract in a dozen projects it is going to carry out.

The company has been given the development of four oil fields and nine reservoirs and it is going to carry them out under a contract model different from the IPC, Bijan Alipour, the company’s CEO told Mehr news agency November 20.

The IPC is an oil contract model developed by the Ministry of Petroleum to be used for new projects.

Alipour went on to say that his company has already started talks with international oil companies to carry out the projects under its own model of contracts.

He said so far his company has held talks with Russian and European counterparts, including British Petroleum.