Iran Looks to Have New Oil Contracts Ready in Six Months
From The Daily Star
Iran’s insistence on paying contractors in oil for projects they had to hand over when completed made big jobs unattractive to foreign investors before Western sanctions made it nearly impossible to work there.
In a bid to revive a decaying energy sector, Iranian officials working under the former oil minister began offering more attractive production sharing deals to Indian firm in early 2013.
Shortly after taking office in August, new Oil Minister Bijan Zanganeh ordered a widespread review, saying the contracts seemed particularly unsuitable for enhanced oil recovery projects that Iran needs to revive tired old fields.
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