Iran Hopes to Sign First New Oil Contract by July

TEHRAN, May 29 (NIOCEXP) — Iran will hopefully sign its first oil deal based on the newly-devised contract terms before the end of President Rouhani’s first term by July, Iranian Minister of Petroleum Bijan Zangeneh said.

Speaking to reporters, the official said the invitation to tender for development of Azadegan Oilfield has started already.

South Azadegan Oilfield is one of Iran’s biggest oil reserves and produces heavy crude.

The National Iranian Oil Company (NIOC) has signed several memoranda of understanding (MoUs) with a number of leading energy companies like Total, Royal Dutch Shell and Inpex for carrying out studies on the field’s development.

Resource: Shana