The Ministry of Oil’s determination to attract capital and facilitate economic processes in the country

According to Energy Press, Amir Salehi, referring to the efforts made to reduce the time of the process of concluding upstream oil and gas contracts, explained: In the past, these processes could take up to three years, but in cooperation with the Ministry of Oil and the Planning and Budget Organization, steps have been taken to accelerate this process.
He added: “Investors’ complaints about the long time for concluding contracts prompted the Ministry of Oil and the Planning and Budget Organization to review and improve these processes and, by setting a specific schedule for each process, this period will be minimized.”
Finalizing the information format for oil and gas contracts to speed up the review process
The Deputy Director for Investment and Economic Reviews of Contracts at the National Iranian Oil Company stated that the lack of an agreed information template between the Ministry of Oil and the Planning and Budget Organization has led to prolonged contract negotiations and obtaining the necessary approvals from the Planning and Budget Organization, and stated: According to the Economic Council resolution, it has been determined that the format of the required information and documents should be specified and finalized between the Ministry of Oil and the Planning and Budget Organization, in order to shorten the contract conclusion process.
Salehi emphasized: According to the Economic Council resolution and the cooperation carried out, the time set for the processes from the stage of receiving the proposal from the investor to the conclusion of the contract has now been significantly reduced. These measures indicate the serious determination of the Ministry of Oil to attract investment and facilitate economic processes in the country.
He stated that in recent meetings between the Ministry of Oil and the Planning and Budget Organization, solutions were discussed to accelerate the process of reviewing information related to the development and exploitation of oil and gas projects. He added: “In order to reduce the time required to review information in this regard, a list of information required by the Planning and Budget Organization is being finalized with the aim of facilitating the review process and specifying the scope of tasks by stakeholders.”