New Model Iranian Petroleum Contract

OVERVIEW

As we look forward to the release of the new model Iranian Petroleum Contract, Dentons' oil and gas partners James Dallas and Alistair Black analyse the contents of the recently released "Principles of the New Contract Model" (the Principles) and the possible implications for international oil companies (IOCs) looking to invest in this very promising jurisdiction.

WHAT TO EXPECT

The release of the eagerly awaited draft Iranian Petroleum Contract model (the IPC) has received a significant boost in light of the outcome of the recent Iranian elections in February. Up to this point there has been little clarity as to whether the new model contract (originally announced during a conference held in Tehran in November 2015) would be officially released, after a series of protests from hard-line political rivals of President Rouhani threatening to obstruct its passage through the Iranian parliament (the Majlis). A coalition of centrists – a diverse group of