OREANDA-NEWS. The much-delayed formal unveiling of Iran's new upstream contract model — dubbed the Iran Petroleum Contract (IPC) — to the international oil industry has been rescheduled for a roadshow in London on 14-16 December.

State-owned NIOC and the oil ministry will hold the event as foreign interest in oil and gas investment in Iran builds with the potential lifting of UN, US and EU sanctions. The 14 July agreement between Iran and the P5+1 group of countries, if consummated, will free Iran from oil sector sanctions in place since 2012 in return for allowing UN oversight of its nuclear programme. If UN nuclear watchdog the IAEA gives its go-ahead and the deal clears other hurdles — most notably in the US Congress — EU and UN sanctions will be terminated and US sanctions suspended by 15 December.

Originally scheduled for April 2014, officials have delayed the contract debut on several occasions. As recently as last month, the oil ministry said that the event would take place in September.

The contract will offer foreign firms much longer operating periods than the former buyback, more flexible remuneration terms, and a share of output as joint-venture partners with state-owned NIOC.

Tehran has been talking up foreign interest in investing in Iran, in part to convince domestic sceptics that the rewards of the nuclear agreement outweigh the costs. More than 30 European firms held talks with oil ministry officials on the sidelines of a business conference in Vienna last week, according to deputy minister for international affairs and trading Amir-Hossein Zamani-Nia. Total, Shell, Italian firm Eni, Chinese state-owned CNPC and Russian private sector firm Lukoil are among the firms to have expressed interest in post-sanctions Iran.