Iran has unveiled a new model of oil contracts aimed at attracting foreign energy companies once sanctions are lifted under a nuclear deal reached earlier this year.
The new contracts were announced on November 28 at a conference in Tehran attended by many of the world's major energy companies.
However, there were no U.S. companies present.
Under the terms of the new contracts, foreign investors will be allowed a greater stake in long-term profits.
During the conference, Iran, the holder of the world’s fourth-largest crude reserves, presented $30 billion worth of projects to investors. Shell, Total, and Lukoil have reportedly specified fields they would be interested in developing.
Under the nuclear agreement reached with world powers in July, Tehran agreed to curb its nuclear program in exchange for the lifting of international sanctions.
Iran has pledged to increase output by 500,000 barrels a day once sanctions are lifted.
Based on reporting by AP, AFP, the BBC, and Bloomberg.com