"[Iran] may insure against low oil prices through product division. What will happen in reality, they promise to say only in March 2016," Fedun said, recounting the conclusions reached at the November 27-28 Iran oil and gas conference.
Speaking via a conference call, Fedun said his team was closely studying the minutes of the meeting, but noted the difficulties presented by the limits placed on foreign and private ownership of natural resources imposed by the Iranian Constitution.
Iran proposed 70 oil and gas projects, totaling $30 billion in value, at the conference, of which 29 are for developing existing oil fields and 23 are natural gas fields. An additional 18 fields are offered for geological exploration. A total of 34 fields are onshore.
Mahmoud Reza Firoozmand, an adviser to the Iranian Oil Contract Restructuring Committee, told Sputnik over the weekend that the proposed contracts are planned to span 20 years, with five-year extensions. Firoozmand noted that investing companies would be responsible for funding the projects.