Iran says it will unveil revised oil and gas contract model

The government will soon complete reviewing its new contracts which will be offered to foreign oil and natural gas companies

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Iran said on Friday it would soon unveil a more attractive model of contract aimed at persuading international energy companies to invest in its huge though underdeveloped, oil and gas reserves.

Ali Majedi, deputy oil minister in charge of international affairs, told his ministry's Shana news agency that the government would soon complete its review of new contracts to be offered to foreign oil and natural gas companies.

"We are at the last stages of reviewing the new form of contract in oil and gas and they will be unveiled at a seminar in Tehran (around March)," he said.

"After this seminar if there is a need to revise this model of contract, they will be reviewed again," he said.

"Then they will be presented at an international conference in London along with new oil and gas fields to be developed," he added.

"After the Geneva nuclear agreements a promising climate has been created for the presence of international companies in Iran.

“Iran welcomes the presence of all foreign oil companies,” Majedi said, adding that he was "optimistic about the return of Shell and Total ".

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