Iran woos intl. oil firms for cooperation: report

Iran is involved in negotiations with international companies for Iran's oil projects, Tasnim news agency reported on Tuesday.

Bijan Namdar Zanganeh, the Iranian oil minister, said that the country's revised oil contracts are being negotiated with foreign customers in an attempt to clinch deals.

The Oil Ministry is also going to start reviewing the qualification of the foreign companies for the deals with Iran within the next few weeks.

Iran has unveiled new contracts to help the country attract finance from Asian and European investors. The new contracts are replacing traditional Iranian "buy-back" contracts which are no longer attractive to foreign companies.

In the new contracts, different stages of petroleum industry, like exploration, development and production, are commissioned in an integrated manner.

Under the contracts, National Iranian Oil Company will set up joint ventures for crude oil production with international companies which will be paid with a share of the output.

In March, Iran announced that it signed a confidential oil agreement with France's Total to develop the South Azadegan oil field shared by Iran and Iraq.

Iran and the world powers reached a nuclear deal last July which enables the country to re-engage with energy firms world to develop its oil and gas fields. Endit