Mixed reaction to Iran oil and gas opening
Issue 1006
- 10 Dec 2015
| 3 minute read
There was more of a whimper than a bang at the unveiling of the new Iran Petroleum Contract (IPC) in Tehran on 28-29 November, at a show hastily organised as a taster of better things to come for a sceptical international oil company (IOC) audience who had struggled to work within the old buyback framework even before sanctions intervened. Seasoned oil minister Bijan Zanganeh has spent the past year revealing glimpses of the possible terms, which industry analysts said promised a closer relationship between risk and reward and, ultimately, would hold out the offer of IOCs being able to book reserves from Iranian fields.
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