Iran's new oil and gas contracts will need amendments, its oil minister said on Tuesday after a meeting with the speaker of parliament, adding that the new contracts will not be sent to the assembly for final approval.
Iran's cabinet approved on Wednesday an amended draft for the country's new oil and gas contracts, Iranian official media reported.
"The draft of the general conditions, structure and patterns of the upstream petroleu
UK-based Wood Group, a leader in energy services has secured two new, three year contracts, collectively valued at over $140 million, to deliver technical services and expertise to a global oil company in Iraq.
Wood Group PSN (WGP
Iran is likely to enter oil investment deals to the tune of $30 billion under the new contracts to be unveiled next week, a report said.
"A section of our oil industry's challenges will be overcome with the new contract m
Iran will unveil new oil development contracts in the coming weeks aiming to attract foreign investors and oil buyers once sanctions on its energy sector are lifted, Shana reported.
The new contracts will be unveiled in T
Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.
Two major Indian companies and a British firm clinched the lion's share of oil project contracts worth $4 billion awarded by Kuwait during the July to August period, said a report.
Larsen & Toubro (L&T) and Dodsal of I
Iraq's Kurdish region has started exports of heavy crude to world markets, traders and industry sources said, a further step to wrestle more control of its lucrative oil sector from the central government in Baghdad.
Turkey and Iraqi Kurdistan have yet to completely finalize a package of energy deals, and Ankara will seek Baghdad's co-operation on the issue, the Turkish foreign ministry said on Saturday after sources said the contracts had been signed.
Turkey and Iraqi Kurdistan signed a multi-billion-dollar energy package this week that will help transform the semi-autonomous region into an oil and gas powerhouse but infuriate a central Baghdad government wary of increasing Kurdish autonomy.