Economics
Iran to Sign First Oil Deals in 2017: Wood Mackenzie
- New contracts with foreign companies to get oil flowing in ’20
- Terms will probably remain ‘very tough,’ research analyst says
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Iran is set to sign major oil and gas deals with foreign companies in the second half of next year, its first such contracts since international sanctions were lifted in January, according to Wood Mackenzie Ltd.
The first oil under the agreements will flow in 2020, Homayoun Falakshahi, a research analyst at the consulting firm, said Tuesday in an interview in London. Iran has worked on the terms of the Iran Petroleum Contract -- known as the IPC -- for the past three years and should finalize them by the end of 2016, he said.