buyback

Ali Kardor, the managing director of National Iranian Oil Co. (NIOC) declared: in the near future oil and gas fields’ development will be done based on 3 types of contracts including BuyBack, Iranian Petroleum Contracts (IPC) and Engineering, Procurement, Construction & financial (EPCF). It is worth noting that under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces. But under the IPC, the National Iranian Oil Co. (NIOC) will set up joint ventures for crude oil and…

The North Yaran field development is the first completely Iranian buy-back project which is planned to produce 30,000 barrels per day of crude oil in second half of this year. Buyback contract is a bilateral contract. Rights and obligations related to the sale of equipment and Technology in the initial contract and the obligations arising from the use of equipment related to sales of the product obtained above buyback will be included in the contract. According to public relations of ministry of petroleum, April performance report of the project indicates…