Iran will unveil its new fiscal terms on 28-29 November in Tehran. The expected lifting of most international sanctions against the country in H1 2016 marks the start of a new era and its possible re-entry onto the global stage. The unveiling of the Iranian Petroleum Contract represents the beginning of clarification of Iran’s new fiscal regime which will be key to attracting inward investment by IOCs and internationalising NOCs. Iran crucially needs to attract foreign investment and new technologies to develop and maintain production from its vast resource base. Like the Iraq rounds in 2009, the Iran terms and opportunities will be offered against the backdrop of low oil prices and are expected to be tough, but we do not expect companies to sign terms as harsh as the Iraqi rounds. In the first of a series of reports, Wood Mackenzie looks at possible terms and analyses how attractive Iran’s new fiscal terms are likely to be with risks and considerations for both IOCs and government.