Hamid Bovard stated that the measure aligns with the Leader’s directive to shorten contract timelines and was implemented in coordination with various government bodies.

Speaking Tuesday at an event on investment and development in Iran’s upstream oil and gas sector, Bovard highlighted investment opportunities in the sector. He said nearly 50 oil fields and 50 gas fields are planned for development.

To attract investment, Bovard noted that the capital return rate would range between 20% and 23%, comparable to regional benchmarks. He added that favorable financial packages, including tax exemptions, have been prepared for investors.

The NIOC CEO emphasized efforts to facilitate sustained collaboration between domestic private sectors and foreign companies by revising financing regulations and increasing contractual flexibility.

At the event, the National Iranian Oil Company presented over 200 opportunities to large, medium and small investors under various contract models.