On Jan 2, 2017, Iran’s Oil Ministry announced that they certified 29 international companies to bid for oil and gas projects in the country under its new format of oil contract. There are four Chinese oil companies in the list which including CNPW, a consortium led by CNNC’s subsidiary company CNOG. 

According to the report by the Iran Oil Ministry’s news website Shana, 29 companies, including China’s three major oil companies — CNPC, CNOOC & SINOPEC, and France’s Total, Italy’s Eni, and Russia’s Lukoil, as well as companies from Austria, Japan and other countries, will be qualified to invest in the Islamic Republic’s oil and gas projects under the Iran Petroleum Contract (IPC) model.

The new oil and investment contract for international firms, known as the Iran Petroleum Contract (IPC), will replace Iran’s buyback oil deals.

Iran has worked on the oil contract model for two years.

Remarks:

CNPW (China Nuclear Petroleum & WLE) is a consortium of CNOG & WLE. As a CNNC’s subsidiary company, CNOG has a long term cooperation with WLE (Well Logging Energy), besides IRAN IPC, they have cooperation in other O&G projects as well.