EPCF

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…