Fiscal Analysis of New Iranian Petroleum Contract Called IPC from a Legal and Contractual Perspective
Article from: OGEL 3 (2017), in Middle East, Buy Back Contracts
(Addendum September 2017) Iran has been using different types of Buyback contracts for almost 24 years. During the Tehran Summit on 28-29 November 2015, the Petroleum Ministry of Iran introduced the new petroleum upstream contract known as Iran Petroleum Contract (IPC). The general terms and structure of IPC have been set out within an approval issued by the Cabinet of Iran. The IPC is a risk service contract reserving sovereignty and ownership rights over the reservoir, produced oil and equipment installed in the field for NIOC. One of the defining factors of the IPC is its ...