Amir-Hossein Zamani-nia, the deputy petroleum minister for international and commercial affairs, said that with introducing new models of oil contracts, Iran aims to compensate for the previous failure to develop its oil and gas fields.
After finalizing the new models of oil contracts by the related organizations, the development of Iran's giant fields will be offered on tender.
The framework of the new oil contracts has been approved in a cabinet session, Zamani-nia said.
Plummeting oil prices has made the situation for investors difficult and there is now a tough competition for attracting investments, he said.
However he noted that Iranian projects are attractive enough for international companies.
EghtesadOnline: Preliminary talks are underway for signing oil contracts with foreign companies and new contracts are expected to be signed by the yearend in oil industry, according to a senior official with the Petroleum Ministry.