Tehran moots contract changes to attract IOCs
Iran is preparing for a complete overhaul of its contract model, confident that the improved political atmosphere in light of the P5+1 deal will attract major international firms – so long as the terms are sufficiently inviting, reports James Gavin
Nearly 16 years on from the launch of Iran’s unloved buy-back contracts, the Islamic Republic is preparing once more to spruce up commercial terms in a renewed bid to entice international oil companies (IOCs) back to develop oil and gas blocks – capitalising on the positive momentum injected by the P5+1 deal that envisages Iran scaling back its nuclear enrichment in return for a gradual relaxation of sanctions on the Islamic Republic. Optimism in Tehran is high that the political atmosphere will be more supportive than the previous, and largely abortive attempt, to attract IOC interest in Iranian hydrocarbons. Plans are afoot for oil minister Bijan Zanganeh to unveil the new contracts – prom
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
