Iran has overhauled the way in which it offers contracts to foreign energy companies in a bid to attract up to $30bn of new investment.
The terms of the new oil contracts will be more favourable to foreign investors, who will be allowed a greater stake in long-term profits. Iran is gearing up for the lifting of sanctions following the nuclear deal with six world powers in July. The country has some of the biggest oil and gas reserves in the world.
The new contracts were announced at a conference in Tehran attended by many of the world's major energy companies, including BP, Shell, Total, Statoil and Sinopec. There were, however, no US companies present. The energy majors are keen to exploit Iran's abundant reserves of oil. (Read More)
