Abstract
The declining trend in the dependence of the global oil and gas market on Iran production has made sanctions against Iran's oil and gas industry easier. Dealing with this challenge requires maintaining and increasing current and potential production capacity. A large amount of technical knowledge and many financial resources are necessary for development of the upstream sector of Iran's oil and gas industry. For this purpose, after the Islamic Revolution, service contracts such as buyback has been used. The latest development in this field is IPC contractual model. These contracts are exposed to many risks. In this research, systematic grounded theory approach with TEFCEL guidelines was applied for a comprehensive understanding of risks. Findings in the initial part revealed that two categories namely “international political evolution” and “Economic evolution” are composed of 44 risks which are categorized in five clusters, i.e. technical and technological, financial, finance and commercial, environmental and political risks. Strategies such as “investment security”, “investment facilitation” and “encouraging investment” lead to an influential role in the global oil and gas market and effective presence in the global investment market. Underlying conditions which affect strategies are the mechanism of decision-making and the nature of upstream investment projects. Moreover, governance and sovereignty and ability of engineering services and internal capabilities were identified as intervention conditions.
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