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Iran to offer IOCs incentives

: Tuesday, February 25 - 2014 @ 00:08

Iran’s oil ministry has said it is to offer foreign partners incentives to find and pump more crude oil and natural gas and will pay some fees in barrels, as the country seeks to boost income once international sanctions are lifted, Bloomberg has reported. New contracts Iran is developing will offer higher fees for riskier exploration and production projects, ministry officials said at a conference in Tehran. “We’ve analysed all the contracts in the market right now, all available beneficial models, and this is what we’ve come up with,” Mehdi Hosseini, a government energy adviser, said at the conference. “This is a good model, with flexibility.”

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Tuesday, February 25- 2014 @ 0:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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