Approved version of IPCs has more than 150 minor and major changes from the draft Following the end of international sanctions against Iran in July of 2015, the Islamic Republic has ramped production up from existing fields faster than many thought would be possible. In the year that followed the Iranian nuclear deal, Iran increased production 814,000 bpd to 3.6 million bpd in June 2016, but in order to reach its self-proclaimed goal of 5 million bpd, Iran will need the help of foreign investment, a task the newly-designed Iranian Petroleum Contracts (IPCs) are hoped to achieve. When the terms of the IPCs were laid out in Tehran in December , 2015, hardliners in Iran began posing opposition to the contracts, saying the IPCs gave too much control of Iranian oil assets to foreign companies, something which is against the Iranian Constitution. The IPC originally required that international oil […]