New Contractual Developments in Iran, Iraq and the Persian Gulf: the "Bookable Reserves" Issue
Article from: OGEL 1 (2005), in Production Sharing Contracts
Introduction
The Iranian Buy Back Agreement is a short term Risk Service Contract struck between the National Iranian Oil Company and an International Oil Company, IOC, and is for petroleum Exploration and/or Production rights. The IOC is a Contractor to NIOC as in Indonesia but never gains Equity Rights in Crude Oil being reimbursed in cash after completing an agreed Scope of Work. The reimbursement includes Cost Recovery and an agreed rate of return. Recent developments in Kuwait, Saudi Arabia and Iraq suggest that the countries of the Arabian Gulf are moving away from the Grant of Rights to the ...