Iranian Oil Minister Bijan Namdar Zanganeh says Iran's new model of oil contracts will be more competitive and more attractive to international investors than those offered by neighboring countries, Press TV reported.
Speaking at the 1st Iran Oil Industry Contracts Revision Forum in Tehran on Saturday, Zanganeh pointed to the changes in the global oil market over the past decade and said, "Following these essential changes, we are forced to revise our oil contracts so we can stay on the path of development like before."
Zanganeh noted that Iran's objective in revising its oil contracts is not only to attract more foreign investors, but also to gain access to oil's industry latest technology and management systems.
On February 9, Mehdi Hosseini, who heads the Oil Ministry's Oil Contracts Revision Committee, said Iran's new contracts are sufficiently flexible and have been compiled in line with international conditions.
Iran's Oil Ministry plans to hold a conference in London in July to introduce new contract terms to international companies.
Zanganeh established the revision committee last September to modify buyback oil contracts.
Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.
World oil giants have shown interest in returning to Iran following the easing of sanctions against Iran in light of the implementation of Tehran's nuclear deal with world powers.
Royal Dutch Shell, British Petroleum (BP), Malaysia's Petronas, Spain's Repsol, Russia's second largest oil producer, Lukoil, France's Total and Italy's Eni have expressed their willingness to resume work in Iran.