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Friday 02 Oct 2015 - 13:56 Makkah mean time-19-12-1436
Tehran, (IINA) - Iran's Cabinet has approved a draft of international oil and gas contracts meant to attract foreign investors and oil buyers once sanctions against the country are lifted, Rigzone reported citing Shana news agency.
The agency gave no details of the contracts, which it said should increase oil and gas production capacity in jointly held fields, but it said such details would be revealed in Tehran within coming weeks.
Under a deal reached with six major international powers in July, Tehran agreed to quell its nuclear program in exchange for an end to economic sanctions that have limited Iran's oil production.
According to Reuters, Iran’s oil output was 2.5 million barrels per day (bpd), but since 2012 when sanctions were imposed against the country, that number significantly dropped to 1.1 million. The economic losses of Iran are estimated at billions of U.S. dollars.
The global oil industry has been eagerly watching Tehran's plans to unveil new contracts as Iran has one of the world's largest oil and gas reserves.
The details of the new contracts will be unveiled in Tehran by October or November, with another conference in London in February 2016.
AG/IINA
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