The resolve is there.'' Initial reaction from foreign executives was unimpressed. Another said that the reorganisation, if approved, would seem likely to cause delays in settling onshore deals.
Companies receive payment and profit for their work by lifting oil from the fields they develop.
The reshuffle plan, promoted by Oil Minister Bijan Zanganeh against opposition from conservative officials adamant on firm state control of the oil sector, would be along similar lines to an offshore sector reshuffle in the mid-1990s, Iran Focus said. Oil analysts say the handful of NIOC offshoot companies that have joined forces with foreign partners in offshore ventures have had a spotty record of raising finance and on occcasion have been reported as being the focus of oil sector intrigue. The official said however that senior oil ministry officials rather than the new units would have responsibility for high level negotiations with foreign investors. The talks would led by Mehdi Husseini, deputy oil minister for international affairs, Ali Hashemi, another deputy oil minister, and Ali Beheshtian, a new deputy minister for onshore affairs, he said. The official said the reshuffle's aim was to give Iranian private investors access to the ventures and lend political clout to the buy back process by allowing political appointees to nurse ventures through Iran's legal and political process.