Iran has unveiled, at a Tehran conference of EU & Asian (but not US) oil & gas companies, a new framework for oil and gas contracts which offers more flexible terms on oil price fluctuations and investment risks. It replaces the previous “buyback” system which has been in place since pre US / EU sanctions and prevented foreign companies from booking reserves / taking equity stakes in Iranian companies. The National Iranian Oil Company will still own the resources. Reports suggest that Iran is expected to introduce around 50 oil and gas projects.
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >