Iran to offer 17 block tenders

Tehran: A senior Iranian oil ministry official said the tender for exploration and development of 17 oil blocks will be held next week, the Oil Ministry's official website Shana reported yesterday.

Mahmoud Mohaddes, director of Exploration of National Iranian Oil Company (NIOC), had said in September that Iran was planning to put 24 blocks on international bid in two months.

In October he said that out of 24 blocks that were supposed to be on tender only 17 blocks were finalised.

"The director of NIOC exploration announced that the tender for 17 oil blocks will be held early next week," Shana reported.

"Out of those 17 blocks, 12 are located in land and five are in the Gulf," Shana quoted Mohaddes as saying.

"Iran will hold a seminar to introduce those exploration and development blocks in Vienna in the month of Bahman," he said.

The Iranian month of Bahman runs from January 21 to February 19.

Apart from introducing the oil blocks, the seminar in Vienna will be aimed at explaining the contracts as well. "Many international companies will take part in the tender if the seminar provides proper information," he said.

The conservative-dominated parliament has in the past opposed opening up to foreign investment in Iran, the world's fourth largest oil exporter with the second largest reserves after Saudi Arabia.

Analysts believe that UN sanctions, which could be imposed if Iran's nuclear dispute with the West escalates, might further hinder foreign investment.