Risk Management of Iran Upstream Oil and Gas Investment Contracts, Grounded Theory Method (GTM) & TEFCEL Approach

The declining trend of global oil and gas market dependence on Iranian production make Iran's economy more susceptible to sanctions. This challenging situation requires preserving current capacity and extra attempt to increase potential production capacity. Development of upstream sector of Iran oil and gas industry needs technical knowledge and huge financial resources. After the Islamic Revolution, BuyBack service contracts is used to develop the upstream sector. The latest development of this area is the introducing the IPC model. In this research, by literature review, interviewing experts, through TEFCEL guideline and GTM; risks of Upstream Investment Contracts, causal conditions, context, interventing conditions, action/interaction strategies and consequences are explained. Finding consist of a paradaim with 84 codes, which classified in 6 main categories.