Iran to extend oil contracts to 20 years: official

Iran will extend the length of its oil and natural gas field development contracts with foreign companies to about 20 years, as part of efforts to ease the entry of foreign investment and get economic sanctions on the nation lifted, a high-ranking official of Iran’s Petroleum Ministry told The Yomiuri Shimbun.
The official revealed a rough draft of the new contract system the Iranian government is devising for development of oil and natural gas fields. In addition to extending development contracts with foreign firms to 20 years from their current maximum of about 10 years, which would bring them in …read more

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