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IRAN - The Buy-Back Approach.

Publication: APS Review Gas Market Trends
Publication Date: 31-MAR-03 		Format: Online - approximately 862 words
Delivery: Immediate Online Access

Article Excerpt
As hardline theologians claimed that the Islamic republic's constitution did not allow the granting of concessions or any production sharing agreement (PSA), the government in 1990 worked out a buy-back formula under which foreign companies developing oil or gas fields were to be repaid their cost and given an agreed rate of return from initial production and a long-term access to the hydrocarbons. In rounds of offerings made in 1991 for 11 field projects, however, the response was poor because the rate of return was too low. Subsequent efforts to attract companies failed. In 1995, the rate of return was raised and on that basis the first round of offerings attracted some companies, with Total taking the Sirri fields. In subsequent talks, Tehran was compelled again to raise...

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IRAN - New Exploration Round., March 31, 2003

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