Middle East & Africa: Production

October 2016

Iran has signed its first non-binding agreement under the Iran Petroleum Contract (IPC), but IOCs have yet to get involved.

In October, National Iranian Oil Co. signed a heads of agreement (HOA) with Persian Oil and Gas Development Co. – a local firm with close connections to Iran’s supreme leader, Ali Khamenei. Four fields in southwestern Iran – Kupal, Marun, North Yaran and South Yaran – are expected to be developed under the $2.2 billion deal.