• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Alt Text

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Alt Text

Saudi Arabia Looks To Shelve Aramco IPO

Saudi sources have confirmed that…

Alt Text

Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Trump’s Iran deal decertification threatens…

Iran’s Top Security Officials Could Kill Its Oil Future

Iran oil workers

A potential oil and gas opportunity emerged last week in Romania. When that country’s government liberalized pricing and exports for natural gas— which could see producers here getting better rates and making higher profits.

But elsewhere, one of the world’s most highly-anticipated new energy opportunities appears to have hit a snag.

Oil and gas in Iran.

Iran’s oil minister Bijan Zanganeh said yesterday that Iran’s new petroleum contracts for international operators are up in the air again. Noting that approval of the new model for taxes and profits on foreign-controlled projects is now stuck in review with top security officials.

Zanganeh told local press that Iran’s Supreme National Security Council is looking at the proposed new contracts. With that body representing the highest security agency in the country.

The fact that such a high-level group is examining the petroleum contracts is a new and unexpected development. Coming after the contracts have faced substantial opposition from conservative factions inside and outside Iran’s government.

This review by the Security Council could be the latest move by hardliners to derail the new contract model. Which has been criticized for giving away too much ownership to foreign operators.

Major E&Ps have said they need concessions on ownership and profits in order to return to Iran. With the new model representing a substantial improvement on Iran’s former fiscal regime — which operated under a “risk service” arrangement, where international firms could not own equity stakes in projects or book reserves. Related: OPEC Can’t Stop The Beat: U.S. Adds 10 Oil Rigs

The move to a more attractive fiscal regime has been pushed by Iran’s moderate government. With officials already having prequalified 29 firms for bidding on Iranian projects as part of a planned license round this year.

If the current security review trips things up, interest from those companies will dry up fast. Watch for the outcome from this critical standoff over the next few weeks — although no timeline has officially been given for a decision from the Council.

Here’s to locking it down.

Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News