Iran touts new contracts and talks up output plans
Iran will add at least 500,000 barrels/day to production “within a few months” of sanctions being lifted
Iran hopes to reach pre-sanctions capacity within a year of the embargo’s end and is targeting capacity growth of 2m b/d from 50 new projects it will offer to international oil companies (IOCs) next year. “We will develop to the extent our geology and the market lets us,” Seyed Mehdi Hosseini told the Oil and Money conference in London. He also offered more details about the new investment terms to be offered. The new Iran Petroleum Contract (IPC), a form of service contract, will replace the maligned buy-back model Iran used in the past. Investors will have the right “to enter into all steps including development and production” of each field. IOCs will not gain official title to the oil bu
Also in this section
2 June 2025
More than anything else, weak Chinese gas demand is providing relief to EU consumers, but it is uncertain how long this relief will last
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
29 May 2025
Sovereignty is the watchword for the new government, but there are still upstream opportunities for those willing to work closely with the state
29 May 2025
A cautious approach to coal-to-gas switching offers lessons to others who are looking to balance cost with cleaner energy
