Changes bring new attention to Iranian buyback contracts

Alexander Brexendorff, Christian UleRecent legislative changes have improved but not totally repaired the buyback contract covering exploration and production by foreign investors in Iran. Because further change is possible, companies interested in Iranian projects need to understand current investment conditions and areas requiring further improvement.The Iranian buyback agreement takes the form of a short-term version of the common risk-service exploration and production contract and would normally be negotiated between National Iranian Oil Co. (NIOC) and an international oil company (IOC) or group of companies. The IOC contractor would provide certain E&P services in return for which i...

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