Gulf Oil and Gas accountACCOUNT

Iran Postpones London Oil Conference to Feb 2016

Source: Reuters 9/24/2015, Location: Asia

Iran has postponed a crucial conference to present new oil contracts to investors in London to February 2016 from December 2015 as industry sources said Tehran was still waiting for Western sanctions to be lifted. The global oil industry has been eagerly watching Tehran's plans for the conference as Iran, OPEC's third largest oil producer, holds the world's fourth largest oil reserves and the largest for natural gas.

Under a deal reached with six major powers in July, Iran agreed to curb its nuclear programme in exchange for an end to economic sanctions imposed on the country over its disputed nuclear work. The sanctions imposed on Iran in 2012 have choked Tehran's oil production. Output is down a million barrels per day (bpd) since the start of 2012 at 2.7 million bpd, depriving it of billions of dollars in oil revenue.

The conference has been already postponed four times, including the current delay, because of uncertainty over sanctions and as Iranian officials are still working on the model for new contracts.

Oil majors have said they would go back to Iran if it made a major improvement to the so-called buy-back contracts of the 1990s, which companies like France's Total or Italy's Eni said made them no money or even incurred losses.

Iran has said the new contracts would be a major improvement not only on the old buy-backs but also on the contracts rival and neighbour Iraq offered to oil majors during 2000s. The details of the new contracts have yet to emerge. Iran says it needs foreign know-how and technology to help develop new oil fields and improve pipeline and refinery infrastructure.

More could emerge when Iran holds a conference in Tehran, where new oil contracts could be unveiled, according to Deputy Oil Minister Roknoddin Javadi quoted last week by Iranian media.

The new dates for the London conference have been tentatively set for February 22-24, the organisers said on the web site.

Events News in Iran >>

Russia >>  6/22/2020 - LUKOIL started drilling of an exploration well at the Shirotno-Rakushechnaya prospect structure, located to the north of the V.I. Grayfer field. As th...
India >>  6/19/2020 - KBR (KBR) has signed a memorandum of understanding with L&T Hydrocarbon Engineering Ltd (LTHE) for refinery and petrochemical projects. ...

India >>  6/9/2020 - Adani Green Energy Limited has won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a ...
Myanmar >>  6/7/2020 - Penspen has been awarded a contract from one of the oil and gas operators in Myanmar, for an offshore natural gas project in Myanmar. ...

Related Categories: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 

Related Articles: Events  Executive Recruiting  General  Legal  Petroleum Associations  Sourcing & Procurement 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.