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Iran is offering international oil firms a bigger role

Tuesday, October 4, 2016 13:26
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Iran's oil output has almost returned to its pre-sanction level, following the lifting of most measures in January after Iran reined in its nuclear program under a 2015 deal with world powers. The oil ministry has bigger ambitions however, and wants to boost production by another 20 percentby 2021. The Organization of Petroleum Exporting Countries resolved in September to reduce collective production for the first time in eight years, but limits on individual countries won't be set until November. 

Iran hopes to return to its spot as the second-biggest producer within OPEC, from third biggest now. Reaching its goals will require outside technology, management expertise and capital. So the government has called on foreign companies to invest $100 billion in the oil industry and drafted a new template for contracts to lure them ….

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