Article: Iran tests waters with new E&D acreage offer.(exploration and development )

National Iranian Oil Company (NIOC) has issued a request for expressions of interest for the exploration and development (E&D) of 16 new blocks on a buyback basis. The acreage is in the south of the country and in the Oman Sea south of the Gulf. International oil companies (IOCs) have welcomed the decision to link exploration and development on buyback contracts but say the acreage is far from promising.

Under the terms of the E&D contract, a company that discovers a field with commercial potential will have the right to develop it. One of the key complaints IOCs have made in the past about the buyback contracts normally offered by NIOC was that successful ...

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