Iran has invited Indian oil companies to participate in expansion of Iranian oil fields in Persian Gulf for the first time after the Revolution.
Iran has worked out a new legal framework for its contracts with foreign companies. An Act passed in the Parliament and confirmed with the Guards Council allows the Oil Ministry to adopt new contract regimes with domestic and foreign partners without the transmission of rights of oil produced. According to this new Act, unofficial accounts had it that Total and Eni, two European companies have signaled the Ministry of Oil to return to Iran oil industry. These two companies had worked before in South Pars and Darkhwein oil fields. But Iran has replaced the EU companies with Indian companies due to EU harsh behavior in sanctions towards Iran. Mahmoud Zirakchian Zadeh, the head of Offshore Oil Company announced the negotiations with Indian companies on expansion of an immense gas field. “The field to be extended in participation with Indian companies is a shared field and immense. Its expansion is very complex process, requiring at least $ 5.4bn, ” he added, and that “Indians has been concerned with the expansion and production from this field. ”