Iran unveils upgraded oil contract model, hoping for investment after sanctions are lifted

TEHRAN, Iran — Iran has unveiled a new model of oil contracts aimed at attracting foreign investment once sanctions are lifted under a landmark nuclear deal reached earlier this year.

The new Iran Petroleum Contract (IPC) unveiled Saturday replaces the previous buy-back model. Iran has sweetened the terms, hoping to bring in $30 billion in new investment. The new contracts last 15-20 years and allow for the full recovery of costs.

Some 50 upstream oil, gas and petrochemical projects are being introduced during a two-day conference in Tehran that began Saturday.

OPEC member Iran currently exports 1.1 million barrels of crude oil per day and hopes to get back to its pre-sanctions level of 2.2 million, last reached in 2012. Iran's total production now stands at 3.1 million barrels per day.

The Associated Press