Iran Postpones Oil Tenders Ahead of Presidential Election

The National Iranian Oil Company (NIOC) has postponed tenders for oil and gas field development projects due to upcoming presidential elections in Iran. The elections are scheduled to take place on May 19, with incumbent Hassan Rouhani seeking a second term.

NIOC CEO Ali Kardor stated that the Oil Ministry did everything it could to hold the tenders sooner, but amendments to the new oil contracts delayed the process. He added that the tenders will be held after the election.

The South Azadegan Oilfield near the Iraqi border has been identified as the first field to be tendered under the new terms. French energy major Total S.A., Anglo-Dutch company Royal Dutch Shell, and Japan's Inpex are in the running for the field's development rights.