Managing Director of the Iranian Offshore Oil Company (IOOC) Saeid Hafezi said Iran’s new contract models for investment in development of oil and gas fields can generate higher revenues compared to buy-back contracts.
“The Iran Petroleum Contract (IPC) Conference was successful in achieving the objectives of introduction of contracts, potentials, and investment opportunities as well as capacities of the domestic contractors,” he told Shana.
“Massive God-given potentials including hydrocarbon resources, and global developments in energy demand specially in gas as a clean fuel have provided golden opportunities for Iran’s economy,” the CEO added.
Through buy-back contracts, Hafezi said, IOOC managed to produce 1.4 billion barrels of oil and make 100 billion dollars in revenue.
“The new IPC models introduced in Tehran can generate more money for Iran’s economy,” he said.
Representatives from 137 petroleum heavyweights including Royal Dutch Shell, Total and Lukoil, to name a very few, attended the IPC Conference in Tehran.
The representatives came from 45 countries. Totally, 335 companies have participated in the two-day event to be the first to know about the contract terms.
A follow-up conference will be held in London on February 22-24 after the IPC event in Tehran.