The Iranian Buy-Back Approach

This article first outlines buy-back contracts (BBC) for development of Iran's oil and gas fields. Then it examines the mein features of the mechanism. Third, it discusses the criticism of the buy-back agreement from a contractors's and from the Iranian perspective. Furthermore, this article outlines new developments of the enhanced buy-back contract and reviews the new buy back model proposed by NIOC to address these challenges. Finally, it looks into the possibilities of PSAs in Iran and also briefly looks into the new Foreign Investment Law for buy-back contracts.