Tehran moots contract changes to attract IOCs

Iran is preparing for a complete overhaul of its contract model, confident that the improved political atmosphere in light of the P5+1 deal will attract major international firms – so long as the terms are sufficiently inviting, reports James Gavin

Nearly 16 years on from the launch of Iran’s unloved buy-back contracts, the Islamic Republic is preparing once more to spruce up commercial terms in a renewed bid to entice international oil companies (IOCs) back to develop oil and gas blocks – capitalising on the positive momentum injected by the P5+1 deal that envisages Iran scaling back its nuclear enrichment in return for a gradual relaxation of sanctions on the Islamic Republic. Optimism in Tehran is high that the political atmosphere will be more supportive than the previous, and largely abortive attempt, to attract IOC interest in Iranian hydrocarbons. Plans are afoot for oil minister Bijan Zanganeh to unveil the new contracts – prom