Iran Calls for Oil Majors to Bid for New Projects
Iran has invited global energy giants to a tender for the development of several of its key oil sector projects.
The National Iranian Oil Company (NIOC) via an announcement has called on foreign exploration and production companies to submit the required pre-qualification documents for the tender as of Monday, 17 October 2016.
It is stated in the statement published on NIOC’s website that the proposals should be submitted before 19 November 2016 and that the successful bidders will be announced on 7 December 2016.
It is still not clear which projects will be put on tender. However, there have previously been reports that several promising targets – particularly some that Iran jointly shares with Iraq - are expected to be put up for the grabs.
They could include South Azadegan, Yadavaran, and Yaran.
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.
