Iran to sign agreements with certain foreign companies in oil, gas sectors
By Sara Rajabova
For development of its oil and gas sector, Iran has set certain priorities in signing contracts with foreign companies.
Iranian Oil Minister Bijan Namdar Zanganeh made the remark in an interview with the Japanese newspaper Yomiuri Shimbun, Press TV reported.
He said Iran will rank the companies according to their stance towards Iran's nuclear program.
Zanganeh said many foreign firms are coming to Iran to seek business opportunities, expressing confidence about a final agreement with the six powers by the November 24 deadline and the removal of anti-Iran sanctions.
Iran is in talks with the P5+1 to work out a final agreement aimed at ending the longstanding dispute over Tehran's civilian nuclear work before a November 24 deadline.
Last November, the two sides clinched an interim nuclear accord, which took effect on January 20 and expired six months later. However, they agreed to extend their talks until November 24, as they remained divided on a number of key issues.
Zanganeh further added that Iran will hold a briefing session for foreign companies in the British capital, London, on February 22-23 to announce new arrangements regarding Iran's oil and natural gas development contracts.
He also said the duration of the contracts with foreign companies would be extended to "15-20 years" compared to the typical 10 years at present.
He explained that with increasing their production, the foreign companies will get more payments and if their production decreases they will get less. That's why the contractor will do its best to produce the highest possible level of production during exploitation of the project.
Zanganeh noted that Iran needs to attract $150-200 billion in investment for its oil and gas sectors within the next 10 years.
He also invited Japanese companies to invest in Iran's oil and gas industry, adding that Tehran is ready for a long-term cooperation with Tokyo.
After an interim deal between Iran and six world powers, foreign companies voiced their intention to resume their activity in Iran, especially in the energy sector.
In late 2013, Iran named seven Western oil companies it wanted back in its vast oil and gas fields if international sanctions are lifted.
Zanganeh named the seven in order: Total of France, Royal Dutch Shell, Italy's ENI, Norway's Statoil, Britain's BP and U.S. companies Exxon Mobil and ConocoPhillips.
He also said Iran has begun talks with leading Western energy companies to attract them back to the country.