Middle East & Africa: Production

May 2016

Iran has an ambitious target to launch an upstream bid round by July, but a lack of preparation means it may not happen before Q4 2016.

Iranian officials are striving to finalise the long-awaited Iran Petroleum Contract (IPC) by July, but the move is still suffering from political divisions within Iran. The country expects around 15 of the 52 oil and gas assets listed in the IPC to be offered during the first bid round. However, investors are still waiting on the formal launch of the IPC, which has been delayed several times. A launch was planned for February 2016 in London, but it was cancelled at the last minute.