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Iran starts accepting applications from foreign companies for hydrocarbon production

October 17, 2016, 14:05 UTC+3 TEHRAN

According to the announcement, the proposals should be submitted before November 19

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TEHRAN, October 17. /TASS/. Iran has started accepting applications from foreign oil companies to participate in the development of oil and gas fields, according to the website of the National Iranian Oil Company (NIOC).

According to the announcement, the proposals should be submitted before November 19, 2016, and that the successful bidders will be announced on December 7, 2016.

It is not clear which projects will be put on tender. However, they could include South Azadegan, Yadavaran, and Yaran, the company said.

"Officials in Tehran had earlier said that the new projects will be awarded through Iran’s new format of oil sector contracts. Under the new format, the NIOC will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output. The new format also envisages different stages of exploration, development and production that will be offered to contractors as an integrated package, with the emphasis laid on enhanced and improved recovery," the report said.

Iran is actively increasing oil production after the international sanctions were lifted in the beginning of the year. The goal of Iran is to reach the pre-sanctions oil production level in the amount of 4-4.2 mln barrels per day and regain its share of 13% in the global exports.

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