Published 28 August 2015
This study offers an overview of the petroleum legal framework of Iran since oil discoveries in 1908 with an emphasis on the possible reasons for the creation of, or changes to, the country's petroleum legislation. All petroleum laws and some of the important contractual regimes of the countries upstream petroleum industry will be duly expounded. Besides, a concise account of the present legal atmosphere and Petroleum Laws in force is given. This paper also discussed amendments that are being made to the Buy-Back agreement by the new administration. As more time passes from the Islamic revolution of 1979, the petroleum legal policy of the country has been moving toward pragmatism as a result of growing needs for foreign investment. On the same grounds, this study concludes that changes to the present legal framework (i.e., Buy-Back Agreements) are very likely to happen, although a full-blown return to Production Sharing Agreements is almost a non-issue due to the negative connotation they carry in the country.
This paper will be part of the OGEL special issue on "Energy Law and Policy in the Middle East and North Africa (MENA)".