OREANDA-NEWS. Details of Iran's keenly-awaited upstream contracts will be made available earlier than expected, in Tehran in early November, state-owned oil firm NIOC's managing director Rokneddin Javadi said.

First sight of the contract model was expected at an conference in London on 14-16 December, where a slew of upstream projects is also expected to be showcased to potential investors. The much-delayed London conference happens at the same time when western sanctions on Iran's oil, gas, petrochemicals and shipping sectors can be lifted.

Although the Iran Petroleum Contract (IPC) is essentially an improved technical service contract, Iranian officials say it will offer longer-term involvement and a better risk-and-reward ratio for international oil companies, enabling them to book reserves but without the ownership of the hydrocarbon assets being transferred to them.

Since agreement was reached between Iran and the P5+1 group of international powers over Iran's nuclear programme, a procession of trade delegations, with strong energy industry representation, has trooped to Tehran, and the state-controlled media has trumpeted interest in participating in development of upstream resources as well as buying Iranian crude.

Javadi said by using modern technology production and appropriate planning, production from Iran's offshore fields can be increased from just under 500,000 b/d to 800,000 b/d. The volume of crude being stored offshore by Iran is less than 10mn bl, Javadi said.