29 foreign companies have pre-qualified for Iran's upcoming upstream tender process. 50 oil and gas projects have been selected for offer under the Iran Petroleum Contract (IPC), the country’s new fiscal regime, and some of these will be included in the first wave of tenders. The 29 companies selected by National Iranian Oil Company (NIOC) include Western majors as well as Asian NOCs, Russians and a Latin America-focused E&P. There are some notable absentees from the list demonstrating that some companies still view the economic and geopolitical risk as too great. Despite this, the announcement shows that it is still full steam ahead for the Iranian oil and gas sector.