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Iran signs its first oil IPC with Zarubezhneft

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15 March 2018

Iran signs its first oil IPC with Zarubezhneft

Report summary

On 14 March 2018, a consortium led by Zarubezhneft (80%) and local Iranian company Dana Energy (20%) signed an Iran Petroleum Contract (IPC) with the National Iranian Oil Company (NIOC) to re-develop the Aban and West Paydar oil fields. The IOR-focused re-development will require capital investment of nearly US$700 million. Though the deal is small compared to Total’s for South Pars Phase 11, it is nonetheless significant. The contract injects some fresh momentum into NIOC's quest to attract foreign investment, some eight months after awarding South Pars Phase 11 and when uncertainty remains around the outlook for the nuclear deal.

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