Comparing Costs and Operations Management Under Iran Petroleum Contract and Iraq Service Contract with the Aim of Improving IPC
Article from: OGEL 1 (2025), in Middle East, Buy Back Contracts
Abstract
In 2016, the National Iranian Oil Company (NIOC) launched a new upstream contract called the Iran Petroleum Contract or IPC. This has many features in common with Model Gas Service Development and Production Contract of Iraq, dated April 23, 2009 (the "Model Contract") as well as the Model Service Development and Production Contract of Iraq, dated 2021 (the "Iraq Service Contract"). All three abovementioned contracts are categorized as risk service contracts. Such similarities led the author to compare such contracts from the costs and operations management point of view with ...