Iran’s London oil conference still set for Feb-Shana

Iran will not delay a much-anticipated conference to offer multinationals the rights to develop oil deposits, an oil official was reported.

Nov 25 (Reuters) – Iran will not delay a much-anticipated conference to offer multinationals the rights to develop oil deposits, an oil official was reported as saying, after nuclear talks in Vienna failed to yield significant relief from Western sanctions.

“The conference will go as planned on February 23-25 2015, in the Marriott Hotel in London,” oil ministry news agency Shana quoted Mehdi Hosseini as saying. Hosseini is head of Iran’s Oil Contracts Revision Committee.

“The extension of the agreement has no effect on the seminar and issuing new models for oil contracts in London,” he added, referring to the decision by Iran and world powers to extend an initial nuclear deal to give more time to find a full solution.

The conference, aimed at luring foreign investors, had been postponed from November, a move apparently aimed at giving time for sanctions on the country’s oil sector to be lifted.

On sanctions, Hosseini said: “It doesn’t seem as though we are going to have a problem in this arena, and now there is no decision to change the start date of the seminar.”

Iran and world powers have given themselves seven more months to break the nuclear deadlock after failing to reach a comprehensive deal by the self-imposed deadline of Nov. 24.

Iran wants Western oil companies to revive its giant, ageing oilfields and develop new oil and gas projects and has been preparing a new investment model for oil contracts as part of its drive to win back Western business.

Its new contract model, known as the Iran Petroleum Contract (IPC), aims to tempt back oil companies with 25-year deals.

By Reuters

 

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