Iran plans to convince international companies to invest in its oilfields by offering them more lucrative contracts as part of efforts to repair its battered economy and improve relations with the western world.
The move comes as Tehran and Washington engage in the most constructive negotiations for several years about curbing Iran’s nuclear programme, which could pave the way for a loosening of sanctions that have crippled the oil industry.
In a rare interview, Mehdi Hosseini, an adviser to the oil minister, said the system of “buyback” contracts – which do not allow foreign companies to book reserves or take equity stakes in Iranian projects – would be scrapped.
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