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June 1, 2016 9:56 am

Iran Planning June Oilfield Tender for International Companies

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An Iranian oil rig. Iran plans to invite international companies to bid for oilfield development rights in June. Photo: Screenshot.

An Iranian oil rig. Iran plans to invite international companies to bid for oilfield development rights in June. Photo: Screenshot.

Iran plans to invite international companies to bid for oilfield development rights in June, a government official said, as the Persian Gulf country seeks to revive its energy industry after years of crippling sanctions.

The Oil Ministry will solicit bids in a tender round starting June 21 and running for a month, state-run Islamic Republic News Agency reported Tuesday, citing Mehdi Hosseini, chairman of the ministry’s oil contracts revision committee. National Iranian Oil Co. is working on a model investment contract for any development agreements, he said.

Read full story at Bloomberg.

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