عباس کاظمی نجف آبادی

The present study examines the investment model of the National Development Fund (NDF) in the upstream oil and gas industries, focusing on the risks associated with field development. Given the NDF's recent entry into the investment arena, the challenges in this field have been analyzed in this article. Furthermore, the NDF 's investment policies and guidelines, project prioritization, and the Non-Meddle Investment model (I-HOPE) as the NDF’s main strategy to reduce risk and increase resource effectiveness are introduced and analyzed in detail. Finally, alongside a comparative review of the NDF’s investment model and field development challenges, solutions are proposed to improve the NDF’s investment process in this sector. This study, by evaluating the strengths and weaknesses of the I-HOPE model in confronting the inherent risks of field development, provides a framework for optimizing future investments. These measures help the NDF to optimally manage risks, increase resource returns, and play a more effective role in the country's economic development. Keywords: Non-Meddle Investment Model, Risk, Uncertainty

Financing upstream oil and gas projects in Iran—particularly for non-governmental companies—faces numerous obstacles, including the lack of effective guarantee mechanisms, absence of credible collaterals, limited access to sovereign guarantees, and the skepticism of financial institutions. This paper, adopting a descriptive-analytical approach and grounded in the study of existing legal and institutional frameworks, explores the legal capacities for designing and utilizing alternative instruments to traditional guarantees in the financing process of high-risk projects. Within this framework, and based on the “Production and Infrastructure Financing Act”, the executive bylaw on the establishment of non-governmental guarantee funds, and other upstream legal documents, the establishment of an institution titled the "Oil Guarantee Fund" is proposed as an innovative solution. This fund is designed to mitigate default risk, facilitate project credit assessment, and replace bank or property-based guarantees for companies active in the oil and gas value chain. Its legal structure is envisioned based on the model of non-governmental institutions and private joint-stock companies. The proposed model has been formulated through a legal analysis of the relevant documents and informed by the outcomes of expert panels comprising specialists in energy law, finance, and public policy. Findings of the study indicate that the establishment of such a fund, capable of issuing valid guarantees based on contractual commitments, provides a practical tool to strengthen institutional trust and facilitate investment in upstream oil and gas projects. The article also presents a conceptual and institutional framework for the fund and offers recommendations for its policy-level and legal implementation.