The new Iran Petroleum Contract (IPC) unveiled today replaces the previous buy-back model. Iran has sweetened the terms, hoping to bring in USD 30 billion in new investment.
The new contracts last 15-20 years and allow for the full recovery of costs.
Some 50 upstream oil, gas and petrochemical projects are being introduced during a two-day conference in Tehran that began today.
OPEC member Iran currently exports 1.1 million barrels of crude oil per day and hopes to get back to its pre-sanctions level of 2.2 million, last reached in 2012. Iran's total production now stands at 3.1 million barrels per day.
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