According to a public statement of Tuesday, Iran plans to hold an oil and gas bidding round for foreign firms from late September, Ali Kardor, managing director of the National Iranian Oil Company (NIOC), was quoted as saying by the oil ministry’s news agency SHANA on Tuesday.
The first tender, which is likely to be for the South Azadegan oil field in southwestern Iran, will take place between Oct. 14 and Oct. 21, and the contracts are expected to be signed by the end of the year, lasting for up to 20 years, for a total sum of about $10 billion, Kardor said.
The new contracts are divided into three main categories: exploration, development of discovered fields that would lead to production, and enhanced oil recovery (EOR) to increase output.
Under the new contract model there will be technological assistance for storage facilities, equipment construction and to Iranian oil services companies, SHANA reported.
Iran has also signed seven new initial agreements with foreign oil companies, Kardor said.
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