The Iran Petroleum Contract (IPC) was given the go-ahead by the government for implementation, reported Press TV.

“The newly-devised oil contracts are the result of a collective wisdom, approved by the government without the least alteration,” head of the Oil Contracts Revision Committee Mehdi Hosseini said on Wednesday.

Executives of major energy companies urged Iran to offer lucrative contracts terms ahead of the presentation day.

“We will be well positioned to look at opportunities in gas, oil, petrochemicals and marketing. But all that is subject to good contractual conditions, so we will see,” Total’s Chief Executive Patrick Pouyanne told a conference in Abu Dhabi.

“It is not only questions of resources or opportunities, it is a question of profits,” Total’s chief Pouyanne was also quoted by Reuters as saying.

“We will be well positioned to look at opportunities in gas, oil, petrochemicals and marketing. But all that is subject to good contractual conditions, so we will see”, he added.

Shell’s integrated gas director Maarten Wetselaar explained further that “Today buy-back contracts would not attract anyone for the lack of oil price upside and reservoir upside.”

“Iraq would today also struggle to get those contracts away.” He added.

“At the moment the industry is more constrained in financial resources rather than opportunity-constrained,” Wetselaar said, warning that the results of the recent Mexican auctions was proof of this.

The new oil and gas contracts will be announced at conferences in Tehran and London on November 21-22 and February 22-24 respectively, and Pouyanne has so far said Total was likely to attend the Tehran conference, at least.