Iran is paving the way for international players to be able to invest in the country’s oil industry long term if sanctions are lifted.
The Petroleum Ministry on Saturday
presented a new model for development projects in the country that would allow
foreign investors contract terms of between 20 and 25 years, state media reported.
Previous terms of between three and five years had proved unpopular with oil
companies before international sanctions led to a pull-out.
International companies are also set to be
offered better terms to work on oilfield development projects with
higher degrees of risk attached.
news service Shana quoted Petroleum Minister Bijan Zanganeh as saying: “Although the return of big companies depends on the full lifting
of sanctions ... more attractive oil
contracts will greatly help to their return.”
Zanganeh continued: “We welcome the presence of all international
oil companies, including American companies, to develop oil and gas fields and
enhance [production] capacities.”
“We feel obliged to
take action for safeguarding the oilfields and enhancing [production]