TEHRAN – Iran will offer a package of investment, worth $40 billion, to participants in the 20th Oil, Gas, Refining, and Petrochemical Exhibition (Iran Oil Show), which will be held on May 6-9 at the Tehran Permanent International Fairground.

The National Iranian Oil Company has prepared a comprehensive plan, introducing opportunities for investment in Iran’s onshore and offshore oil and gas development projects, the Shana news agency reported on Sunday.

The development of joint oil and gas fields, including the development of the South Pars gas field, the West Karoun oilfield, and the Farzad and Salman gas fields, is a top priority, according to the report.

The prospects for the removal of anti-Iran sanctions in light of an emerging final agreement between Iran and P5+1 over the country’s nuclear energy program have already made Iran prepare for a post-sanctions era. To the same effect, it is modifying its oil contracts to make them more attractive to investors. 

Earlier this month, Seyed Mehdi Hosseini, the head of Iran's Oil Contracts Revision Committee, said Iran plans to unveil new oil and gas investment opportunities in a London conference in September.

The conference, which was due to be held on Feb. 23-25, has been delayed twice before, a move apparently aimed at giving time for sanctions on the country's oil sector to be lifted.

In August 2014, Hosseini said Iran’s new contract, known as the Iran Petroleum Contract (IPC), would be a longer duration that the previous “buyback” contract. Iran will offer more than 20 new projects, a mix of exploration, green and brown fields, he added.
 
Iran has previously said the new model for oil field development contracts aims to tempt back foreign energy companies with 25-year deals.