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Iran kicks off major oil event in Tehran

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The 2nd Iran International Exploration & Production Congress & Exhibition (Iran E&P 2018) has been held in Tehran.

The two-day event which brings together state officials, public and private decision makers and dependent industry managers of Iran, seeks to introduce new models for cooperation with the country in the upstream sector of the industry.

Iran E&P 2018 in the meantime is discussing the latest developments regarding the Iran Petroleum Contract (IPC) model and also the necessity of luring private sector into the business.

Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs, Gholamreza Manouchehri, told the inaugural ceremony that the volume of the proven oil reserves of the country has increased by ten percent.

He added that the ministry seeks to involve banks and financial funds as well as small-size investors in the development of the industry.

Following the implementation of the Joint Comprehensive Plan of Action (JCPOA aka nuclear deal), the Islamic Republic, freed from crippling sanctions, has sought to develop the country’s oil and gas fields.

Tehran, immediately after removing the country’s oil sanctions in 2016, introduced the Iran Petroleum Contract (IPC) in a move to replace the old buyback model.

Iran’s overall crude output has reached about 3.8 million barrels per day and the country currently exports about 2.6 million barrels of crude and condensate.

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