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Iran Vows to Define Form of Oil Contracts in March 2016 – LUKoil Executive

© REUTERS / Raheb Homavandi/TIMAIranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015
Iranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015 - Sputnik International
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Vice president of the Russian oil and gas company LUKoil, Leonid Fedun, said that Iran may insure against low oil prices through product division.

Iranian oil workers work at the Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014 - Sputnik International
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MOSCOW (Sputnik) – Iran has promised to work out the form of its oil and gas field contracts in March 2016, vice president of the Russian oil and gas company LUKoil, Leonid Fedun, said on Monday.

"[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.

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"How they come out of this restriction is unclear," the executive said.

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.

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