TEHRAN (ecoideal)- First Vice President Eshaq Jahangiri said that Iran's new Petroleum Contract (IPC) offers a good opportunity to foreign investors to make profitable deals in the country’s fast-growing gas sector.
"International oil and gas companies should participate in development projects of Iran’s massive gas resources that would in turn increase the shares of Gas Exporting Countries Forum (GECF) in production and trade of natural gas in the world," Jahangiri said, addressing the Fourth Meeting of the GECF in Bolivia on Friday.
"Iran, as the largest natural gas reserves holder in the world, has a high capacity for natural gas production and exports, and enjoys further participation in supplying energy at the regional and global levels,” Jahangiri said.
The IPC, which is a “risk service” contract, is designed to spread investment risk on a sliding scale for the foreign investor, and offers more flexibility in terms of collaboration, competitive terms, pricing and booking of reserves to the foreign investor.
Iran signed the first IPC deal with France’s Total for investment in Phase 11 of South Pars Gas Field on July 3, 2017.
Source: Farsnews