October 4, 2016 / 8:41 AM / a year ago

Iran's NIOC signs first new model oil and gas contract with a local firm - SHANA

ANKARA, Oct 4 (Reuters) - The National Iranian Oil Company (NIOC) on Tuesday signed a long-awaited new model contract with an Iranian firm while the OPEC producer hopes to attract foreign energy investors to boost output after years of international sanctions.

"The first new model contract, the Iran Petroleum Contract (IPC), to develop the second phase of Yaran field also an EOR (enhanced oil recovery) and IOR (improved oil recovery) contracts for Koupal oil field were signed," the Oil Ministry's official website SHANA reported.

Writing by Parisa Hafezi, editing by Louise Heavens

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