Iran postponed issuing tenders on oil and gas fields based on newly designed contract model (Iran Petroleum Contract, or IPC) for 10 days.

Ali Kardr, the head of National Iranian Oil Company told ISNA Sep.28 that Iran has asked foreign companies to submit their profiles and information, needed to take part in tenders, but some of them have delayed their submissions.

Iran requested from international oil companies (IOC) as well as exploration and production (E&P) companies to submit their information and needed technical documents for participating in the upstream tenders.

The Oil Ministry would evaluate the documents and choose the companies which are capable to participate in tenders related to the development projects, based on IPC.

Iran’s government introduced IPCs last December which proposes 49 oil and gas projects for foreigners to participate in.

It is expected that three agreements are to be signed with foreign companies by March 2017.

The country will issue the first tender on the Azadegan oil field. Iran expects to attract some $80 billion worth of foreign investment, or 80 percent of total needed investments for upstream projects, by 2021.

Source: Trend