Iran has pre-qualified 29 companies from more than a dozen countries to bid for oil and gas projects using the new, less restrictive Iran Petroleum Contract (IPC) model, the oil ministry news website SHANA reported this week.
The list included Shell, France’s Total, Italy’s Eni, Malaysia’s Petronas and Russia’s Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.
Iran hopes its new IPC, part of an effort to improve the terms it offers on oil development deals, will attract foreign investors and boost production after years of sanctions.
State-run National Iranian Oil Company (NIOC) signed the first oil output contract under the IPC model in October with an Iranian firm identified by the United States as part of a conglomerate controlled by Iran’s supreme leader.
