TEHRAN:Door is open for all Western countries, even U.S. companies, to invest in Iran’s oil industry, said Iranian MP Jalil Ja’fari, who is also a member of the Iranian parliament’s energy committee.
“The new model of oil contracts will be announced based on participation between Iranian and foreign companies, so that their investment will be secured for a long period of time,” IRIB quoted Ja’fari as saying.
An agreement with the P5+1 powers – the U.S., UK, China, Russia, France, and Germany – would trigger a rush by international oil companies (IOCs) to return to the country which has been off limits.
Iran is planning to change its oil contract model to allow IOCs to participate in all phases of an upstream project, including production.
With holding 157.5 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.
