(Adds details, background)
DUBAI, Aug 3 (Reuters) - Iran's cabinet approved onWednesday an amended draft for the country's new oil and gascontracts, Iranian official media reported.
"The draft of the general conditions, structure and patternsof the upstream petroleum and gas contracts which included morethan 150 minor and major changes ... was given final approval intoday's cabinet meeting," the Iranian oil ministry's newsagency, SHANA, said.
The launch of the Iran Petroleum Contract (IPC) has beenpostponed several times as hardline rivals of pragmatistPresident Hassan Rouhani resisted any deal that could end thebuy-back system, under which foreign firms were banned fromowning stakes in Iranian companies.
Iran's top authority, Supreme Leader Ayatollah Ali Khamenei,said last month that no new oil and gas contracts forinternational companies would be awarded without necessaryreforms.
The Islamic Republic is ramping up oil production andreclaiming market share after the lifting of Western sanctionsin January.
However, oil majors have said they would go back to Iranonly if it made major changes to the buy-back contracts of the1990s, which companies such as France's Total saidmade them no money or even incurred losses.
SHANA said the approved amendments stipulate that contractsshould clearly mention the rights, commitments andresponsibilities of all parties in areas such as accounting andauditing, method of financial payment or repayment, technicalinspection and maintenance.
The contracts should also include details on productionmeasurement methods, human resources training, health, safetyand environment, imports and exports, insurance, terms ofcontract termination, force majeure and dispute settlements.
Iran's oil ministry was tasked with approving an overview of the contracts including the agreed price, duration and othergeneral conditions, SHANA said.
Oil majors have said they would go back to Iran only if itmade major changes to the buy-back contracts of the 1990s, whichcompanies such as France's Total and Italy's Eni said made them no money or even incurred losses. (Reporting by Dubai newsroom; Writing by Rania El Gamal;Editing by Dale Hudson and Louise Heavens)
