Iran: Further IOC deals on the cards following Total contract

National Iranian Oil Company (NIOC) has been finalising further deals with international oil companies (IOCs), in the wake of its successful signing on 3 July of a $4.8bn, 20-year deal for Phase 11 of the South Pars gas field with French major Total and China National Petroleum Corporation. The Phase 11 project is the first to be signed under the new International Petroleum Contract (IPC). It provides a potentially useful springboard to convince other oil majors to commit to projects in the Islamic Republic.