Iran will unveil new oil development contracts in the coming weeks aiming to attract foreign investors and oil buyers once sanctions on its energy sector are lifted, the Oil Ministry’s website Shana reported on Friday.
Under a deal reached with six major powers in July, the OPEC producer agreed to curb its nuclear program in exchange for an end to economic sanctions imposed on the country over its disputed nuclear work.
The sanctions imposed on Iran in 2012 have choked Tehran’s oil production. Output is down a million barrels per day (bpd) since the start of 2012 at 2.7 million bpd, depriving it of billions of dollars in oil revenue.
Now they are widely expected to be lifted in 2016, Iran needs Western oil companies to help to revive its giant, aging oilfields and develop new oil and gas projects and the new oil contracts are part of its drive to attract Western investors.
“First, the new contracts will be unveiled in Tehran in the middle of the month of Alban (which starts on October 23),” Shana quoted Iran’s Deputy Oil Minister Rokneddin Java as saying.
“Then more details will be revealed at a conference in London.”