Senior Iranian official says new oil contracts model approved

*A giant super tanker.

*A giant super tanker.

22 April 2016, London — The head of Iran’s petroleum contracts committee said on Thursday the government had approved a model for new contracts but it was still being processed by a commission.

Seyed Mehdi Hosseini, asked when the final draft of the contract will be ready and presented, told an oil summit in Paris that the committee he chairs was hoping for June or July.

“We are doing our best to do something in June or July,” Hosseini said, adding that the Iranian government had approved the model for the new contract.

Hosseini later told reporters that bidding and negotiations for Iran’s oilfields will start in June or July.

“The fields that will come for bidding are mostly big fields,” he said, adding that some common fields it shares with other countries would also be open to bidding.

“Bidding will begin in late June or early July,” Hosseini said.

He added that the National Iranian Oil Company may also carry out negotiations for some individual projects.

He invited international oil companies to “start sending their interests” on potential projects. Iran hopes to attract international oil companies to invest in its oil sector and boost production with the new contracts.

*Bate Felix and Michel Rose, editing – David Evans – Reuters

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