Production sharing agreement taboo breaking in Iran's oil-gas sector
Iranian oil Minister Bijan Zanganeh has said the contracts in oil and gas sector will be revised in order to increase the recovery rate of the country's active fields. It was previously announced that Iran plans to adjust country's oil contracts in order to "make the contracts more attractive to foreign companies". Iran has had experiences in buy-back and ordinary contracts with foreigners, however non of them motivated the contractors to have a firm responsibility and interest in recovery rate of a field. Iranian Oil Minister's statement came simultaneous with Indian Business Standard daily news paper's report on Sep.10 which quoted officials who said that Tehran has asked India to sign a production sharing contract (PSA) for Farsi gas block (offshore Farzad B) in a span of three months. According to Indian news paper, Iran is bargaining with India to sign production sharing agreement if it want to pay off 100 percent of the price of Iranian oil import throug