(MENAFN) Iran has stated that the first phase of the country's oil and gas contracts will be launched this summer and will tender 10 to 15 fields.
Some 135 firms including BP, Total, Italy's Eni and Spain's Repsol attended a conference in Tehran in Nov to hear about the Iran Petroleum Contract (IPC).
The IPC would end a buyback system that dates back more than 20 years that bans foreign firms from booking reserves or taking equity stakes in Iranian firms.
The Republic has set a clear goal to be a top global leader in the oil/gas industry, and it has been preparing for schemes carefully ever since the bans were lifted.
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