Iran May Allow Oil Companies to Book Reserves, Hosseini Says

Iran’s new oil contracts may allow companies to book reserves, the government’s contracts-restructuring committee said as the country prepares to revive output.

Iran will offer about 50 projects, categorized for various sizes of company, committee Chairman Mehdi Hosseini said Tuesday at the Oil & Money conference in London.

International companies seek access to hydrocarbons to book reserves, a form of reporting by which they can claim a share of oil and show they can replace barrels they produce.

Iran is preparing to bounce back from sanctions that choked off investment in its oil and gas industry. Successful implementation of a July deal to curb its nuclear program would allow the country to ramp up oil exports, which fell to an average 1.4 million barrels a day last year from 2.6 million in 2011, U.S. Energy Information Administration data show.

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