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
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
