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Iran Plans Higher Fees for Riskier Oil Fields in New Accords

Iran will offer foreign partners incentives to find and pump more crude and natural gas and will pay some fees in barrels as it seeks to boost income once international sanctions are lifted.

New contracts Iran is developing will offer higher fees for riskier exploration and production projects, oil-ministry officials said at a conference in Tehran yesterday. Local and international executives attended a two-day meeting to discuss rules that would govern oil and gas production if Western curbs on Iranian energy exports are removed. The committee revising the Islamic republic’s contract model presented terms called the “Iran Petroleum Contract.”