The Iran Petroleum Contract (IPC) will hopefully be approved by the government cabinet in September to be finalized afterwards, Iranian Petroleum Minister Bijan Zangeneh said.
"The new contract model has been designed in such a way that it facilitates access to regional and global markets as well as long-term, strategic cooperation with renowned companies [for Iran]," said Zangeneh speaking with reporters after a cabinet meeting Sunday evening.
He also underlined enhanced recovery from the country's old oil fields as a genuine concern for the petroleum ministry, adding there are several companies who have indicated their interest to operate in Iran's petrochemical and refining sectors.
"Besides endeavoring to reach our envisaged goals in all these areas, we are trying to bolster Iranian companies and, generally speaking, the technical proficiency of the nation to promote the country in the long-run," he added.
He further said West Karoun fields and South Pars gas field are top oil and gas fields Iran shares with its neighbors, adding crude oil production from West Karoun fields will hit 250,000 b/d by mid-2016.
"South Pars gas output stood at 250 mcm/d and its refining capacity was 280 mcm/d when the current administration took office [in 2013]," he said, adding the figures are expected to rise 2.5 times by the time President Rouhani leaves office in 2017.