By Michael Lawson and Ben Bradstreet.King & Wood Mallesons

lawson_mInternational interest in Iran’s reform of foreign investment in the oil and gas sector has grown during the last nine months, as was no doubt hoped for when the principles underpinning the reforms were first announced in November 2015. Details about the reforms are scarce. However, the wait might soon be over and some expect the first post-reform projects to be awarded before the end of 2016.

In this article, we look at what is known about the terms of the new Iranian Petroleum Contract, discuss how it will differ from the incumbent ‘third generation’ buyback contract and consider some key implications for IOCs.

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