Azerbaijan, Baku, Sep.1/ Trend R.Zamanov/
Iranian Oil Minister Bijan Namdar Zanganeh has ordered a change in the structure of the ministry's oil contracts, the SHANA News Agency reported.
The change aims at improving the situation to absorb more foreign investment.
Some expert groups are currently studying the contracts.
Iran plans to invite giant domestic and foreign companies to invest in the country's oil and gas projects.
Namdar Zanganeh has been newly appointed as the country's oil minister. He has also called for allocating as capital and equipment as necessary to complete the development of the South Pars gas field in the shortest possible time.
He has emphasized that the priority should be placed on phases 12, 15, 16, 17, and 18 of the gas field, the mehr News Agency quoted him as saying on Wednesday.
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
Iran dismissed foreign investment in oil industry of the country, because of sanctions of U.S and West after that IRGC supported national companies, started investing to this sphere.