Oil minister says national security body is still assessing law, pointing to delays in oil field tenders
The Iran Petroleum Contract (IPC) model is still being reviewed by the Supreme National Security Council, according to the countrys oil minister, pointing to further delays in tendering oil field projects.
Students news agency ISNA quoted Petroleum Minister Bijan Zanganeh as saying the contracts, drawn up to attract overseas companies to Irans oil and gas sector, are still being assessed by Irans highest security body.
State-owned National Iranian Oil Company (NIOC) in January prequalified 29 international companies to bid on upcoming project but the date of the first tenders has been delayed since February.
Tehran is keen to get Western and other international oil companies to participate in the Iranian energy sector in order to update infrastructure, develop new fields and expand capacity.
Last year, oil majors Total and CNPC signed a $4.8bn preliminary agreement to develop phase 11 of the South Pars gas field but few binding long-term deals have been signed since sanctions were lifted in January 2016.
President Hassan Rouhani faces opposition to the IPC from hard-line conservatives in Irans political establishment, while fighting a campaign for a second term in office.
It is unclear whether the IPC will be approved before the election on 19 May. Hard-line cleric Ebrahim Raisi announced on 9 April he would run against Rouhani, challenging the presidents economic record.
The election of a conservative as president in May could impact the terms of the IPC, which some conservatives believes give too much control over Irans oil assets to overseas companies.
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