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May 21st, 2016 
Awake Goy
TEHRAN, May 21 (Shana) — Deputy Iranian Oil Minister for Engineering Mohammad Reza Moghaddam said that formation of exploration and production companies will not undermine National Iranian Oil Company (NIOC) role as major partner of foreign companies.
Formation of exploration and production companies do not undermine NIOC role and it will not violate the authority of NIOC on petroleum contracts, the official added.
An exploration & production (E&P) company is known to be in a specific sector within the oil and gas industry.
Companies involved in the high-risk/high-reward area of exploration and production focus on finding, augmenting, producing and merchandising different types of oil and gas.
Iran has revealed a new model of oil and gas contracts to lure back international oil companies, offering more flexible terms on price fluctuations and investment risks to make the sector financially attractive to foreign investors.
The Iran Petroleum Contract puts an end to a two-decade old buyback system that prevented foreign companies from booking reserves or taking equity stakes in Iranian companies. Under some circumstances, the new model allows reserves to be booked, but foreign companies would still not own oilfields.
The National Iranian Oil Company will have exclusive ownership rights over resources.
By SHANA
Source Article from http://theiranproject.com/blog/2016/05/21/iran-says-nioc-still-major-partner-foreign-companies/
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