Iran opens its doors to 29 companies for oil and gas projects

Iran opens its doors to 29 companies for oil and gas projects

National Iranian Oil Company (NIOC) has announced it will allow bidding for oil and gas projects from 29 companies in over a dozen different countries.

This announcement comes after the implementation of the new Iran Petroleum Contract (IPC) model, which has successfully garnered international foreign investment.

The IPC previously faced opposition from long-term advocates of Iran’s buy-back system which blocked foreign firms booking reserves or take equity stake in Iranian companies.

With these restrictive terms now removed under the IPC, international oil majors will now return to Iran. Pre-qualified firms include: Shell, Total, Eni, Gazprom, as well as companies from China and Japan.

British oil major BP did not put themselves forward for bidding, citing rising political tensions between the US and Iran.

@RGNonline