Production Sharing Contracts in Iran's Petroleum Industry; A Legal Analysis
Article from: OGEL 3 (2017), in Middle East, Buy Back Contracts
Introduction
According to the latest statistics, the proved oil reserves in Iran amount to 157 billion barrels, placing this country in the fourth place globally after Venezuela, Saudi Arabia, and Canada . Exploiting these huge reserves would require attracting huge investments. Iran currently faces a profound lack of investment in the oil and gas industry due to the extended sanctions imposed by the United Nations, the United States, and the European Union. Meanwhile, in recent years, introducing modifications in the structure and terms of buy-back contracts has been under consideration. ...