Iran publicizes 2 dozen energy firms for new oil plans

A list of over two dozen international energy firms has recently been publicized by National Iranian Oil Company (NIOC) in which there has been named qualified companies to bid for the countrys new oil and gas projects. The list included European giants such as Total, Shell, Eni and Gazprom as well as Asian players like CNPC, Inpex, KOGAS and Petronas. Some major newcomers, as listed by the NIOC, were Wintershall from Germany, Maersk from Finland, DNO from Norway and CEPSA from Spain.
Iran plans to award new projects to the companies it has qualified through a new format of oil sector contracts. The new format is replacing buyback deals. Under a buyback deal, the host government agreed to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces. But from now on, the NIOC will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output. Also, different stages of exploration, development and production will be offered to contractors as an integrated package, with the emphasis laid on enhanced and improved recovery.

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