Iran preparing to pre-qualify petroleum investors

Iran’s Minister of Petroleum Bijan Zangeneh says the ministry will start pre-qualification procedures next month for the country’s new petroleum contract model.

Apr 28th, 2016

Offshore staff

TEHRAN, IranIran’s Minister of Petroleum Bijan Zangeneh says the ministry will start pre-qualification procedures next month for the country’s new petroleum contract model, unveiled last fall.

He told news service Shana that no tenders would be held until the terms of theIran Petroleum Contract (IPC) have been finalized.

Zangeneh described IPC as a buyback deal (Iran’s previous arrangement with foreign investors) with some modifications.

Britain’s trade envoy to Iran, Lord Lamont recently met Amir Hossein Zamaninia, deputy petroleum minister in international affairs and trading to discuss a proposed insurance coverage offer to Iran.

This follows Shell and BP indicating their readiness to invest in Iranian petroleum projects.

The government officials also discussed a resumption of development of the Rhum gas field as a tieback to BP’s Bruce complex in the UK central North Sea – Iranian Oil Co. has an interest in Rhum.

04/28/2016

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