Comparative Analysis of Buyback Contracts and Iran Petroleum Contract (IPC) Concerning Ownership Rights, Reserves Recognition and Fiscal Regime

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Nikbakht Fini Hamidreza; BAGHERI MAHMOOD; Ghorbani Elaheh

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Journal: Energy Law Studies Year:2019 | Volume:4 | Issue:2 Page(s): 574-570

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Title

Comparative Analysis of Buyback Contracts and Iran Petroleum Contract (IPC) Concerning Ownership Rights, Reserves Recognition and Fiscal Regime

Author(s)

Nikbakht Fini Hamidreza | BAGHERI MAHMOOD | Ghorbani Elaheh | Issue Writer Certificate

Keywords

BuybackQ2

fiscal regimeQ1

Iran Petroleum Contract (IPC)Q1

ownershipQ1

reserve recognitionQ2

Abstract

After nearly three decades since the conclusion and implementation of Buyback contracts in the oil and gas industry in Iran, objections to this contract, particularly from the perspective of foreign investors has been revealed. Failure to allocate a share of the produced oil and gas to foreign investors and subsequently discussing possibility of reserve recognition, short terms of Buybacks and non participation of oil companies in production period, non admissibility of Buybacks fiscal system for foreign investors and the Iranian content are among many challenges which have been set forth by contractors. In order to solve such problems and attract expertise and financial resources to the Iranian oil and gas projects, a new petroleum contract has been introduced by Iran, the so-called Iranian Petroleum Contract (IPC). The present article will comparatively analyze Buyback and IPC in three aspects naming ownership, reservoir recognition and fiscal regime and will conclude that under IPC, the same as Buyback, ownership of petroleum in situ and produced oil and gas vest by the government. Also, IPC’ s contractor, the same as the contractor under the Buyback, is able to recognize oil and gas reserves in accordance with the PRMS guideline, and its fiscal regime although in some areas has been improved, some objections can be raised.

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APA: Copy

Nikbakht Fini, Hamidreza, BAGHERI, MAHMOOD, & Ghorbani, Elaheh. (2019). Comparative Analysis of Buyback Contracts and Iran Petroleum Contract (IPC) Concerning Ownership Rights, Reserves Recognition and Fiscal Regime. JOURNAL OF RESEARCHES ENERGY LAW STUDIES, 4(2 ), 574-570. SID. https://sid.ir/paper/400415/en

Vancouver: Copy

Nikbakht Fini Hamidreza, BAGHERI MAHMOOD, Ghorbani Elaheh. Comparative Analysis of Buyback Contracts and Iran Petroleum Contract (IPC) Concerning Ownership Rights, Reserves Recognition and Fiscal Regime. JOURNAL OF RESEARCHES ENERGY LAW STUDIES[Internet]. 2019;4(2 ):574-570. Available from: https://sid.ir/paper/400415/en

IEEE: Copy

Hamidreza Nikbakht Fini, MAHMOOD BAGHERI, and Elaheh Ghorbani, “Comparative Analysis of Buyback Contracts and Iran Petroleum Contract (IPC) Concerning Ownership Rights, Reserves Recognition and Fiscal Regime,” JOURNAL OF RESEARCHES ENERGY LAW STUDIES, vol. 4, no. 2 , pp. 574–570, 2019, [Online]. Available: https://sid.ir/paper/400415/en

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