Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Iran new oil contracts to develop joint fields, enhance recovery

TEHRAN Oct. 12 (Shana) – Minister of Petroleum Bijan Zangeneh said the new oil contracts to be unveiled in the upcoming conferences in Tehran and London will focus on the development of joint fields with neighboring countries as well as enhancing recovery from the wells.
Talking to reporters following opening of the Second National Convention on Energy Law in Tehran on Monday, he also rejected reports that Iran will give concessions to the firms from certain foreign countries saying, “To attract participation and cooperation, no one will be provided with a concession or special facility.”

The two-day conference aims at facilitating domestic and international operation of the country’s oil and gas industry and also contributing to the performance of the public and private sectors. It is being held prior to the convention of twin conferences to introduce Iran’s new oil contracts to be held in Tehran and London on November 21-22 and February 22-24 respectively.

The London conference was postponed from December 2015 to February 2016 so that it will be held after removal of sanctions.

The Iran Petroleum Contracts (IPC) are expected to be more attractive to investors, officials said.

In the wake of nuclear deal in July, Iran has hosted high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, Japan, and France to discuss new cooperation ventures.