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Iran touts new contracts and talks up output plans

Iran will add at least 500,000 barrels/day to production “within a few months” of sanctions being lifted

Iran hopes to reach pre-sanctions capacity within a year of the embargo’s end and is targeting capacity growth of 2m b/d from 50 new projects it will offer to international oil companies (IOCs) next year. “We will develop to the extent our geology and the market lets us,” Seyed Mehdi Hosseini told the Oil and Money conference in London. He also offered more details about the new investment terms to be offered. The new Iran Petroleum Contract (IPC), a form of service contract, will replace the maligned buy-back model Iran used in the past. Investors will have the right “to enter into all steps including development and production” of each field. IOCs will not gain official title to the oil

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