Iran will present new oil contracts at a London conference planned for December to increase recovery from its fields with the help of foreign companies, Oil Minister Bijan Namdar Zanganeh said.
According to energy officials, Iran has identified nearly 50 oil and gas projects worth $185 billion for foreign investment, reported Press TV.
"New contracts with foreign companies will be signed within the framework of IPC (Integrated Petroleum Contract) which I think will be more attractive," Zanganeh said.
Under the new formula, Iran will cede exploration, development and production operations on an oilfield exclusively to a foreign contractor. Foreign companies will be required to commit to optimal and sustainable production from the field and transfer of technology.
IPC is replacing buyback deals which required the host government to pay the contractor an agreed price for all volumes of hydrocarbons it produced.
Under the IPC, the National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.
Oil majors including Royal Dutch Shell, France's Total, BP and Italy's Eni have indicated interest in the new projects.
Deputy Oil Minister Amir Hossein Zamani-Nia said on Friday that European companies seek to return to Iran at the earliest following the removal of sanctions.
Over the past month, Iran has hosted state officials and executives of major companies from Germany, France and Italy to discuss grounds for cooperation.
"All the three delegations from Germany, France and Italy were very serious in their negotiations and sought to return to Iran as soon as possible after the annulment of the sanctions," Zamani-Nia said.
In their talks, the Iranian side underlined the need for transferring technology and investment, he said.
"Investment by European companies and their partnership with our private sector for construction of equipment and tools will not be restricted to the Iranian market; rather, the doors of regional markets will open to such cooperation."