Iran has identified nearly 50 oil and gas projects worth $185 billion that it hopes to sign by 2020, Amir-Hossein Zamaninia, Iran's deputy oil minister for commerce and international affairs said.
In preparation for negotiations with possible foreign partners, he said Iran had defined a new model contract which it calls its integrated petroleum contract (IPC).
"This model contract addresses some of the deficiencies of the old buyback contract and it further aligns the short- and long-
term interests of parties involved," he said at a conference to promote trade between Iran and the European Union.
Iran will introduce the oil and gas projects it has identified and the new contract in international markets later this year, he said.
Meanwhile, Iranian deputy minister Mohammad Khazaei said the country has agreed more than $2 billion of projects with EU companies.
"We are recently witnessing the return of European investors to the country. Some of these negotiations have concluded, and
we have approved and granted them the foreign investment licenses and protections," Khazaei said.
"Even in the past couple of weeks we have approved more than $2 billion of projects in Iran by European companies," he said, without naming any of the firms or providing further details on the deals.