The Iranian Petroleum Contract (IPC), which was created to attract foreign investments in the aim of reviving the country’s energy industry, has been delayed since Iran’s Security Council is still reviewing it, Oil Price reported.

Iranian Oil Minister, Bijan Zanganeh, told the Parliament that “The new oil contracts (IPCs) are currently being reviewed by the Supreme National Security Council,” informed Reuters.

The operation of the 29 foreign oil and gas companies, that were shortlisted by Iran as bidders for hydrocarbon deposits earlier this year, will accordingly be delayed.

The IPC model had been postponed many times due to opposition from hardline rivals of Iranian President, Hassan Rouhani.

The new IPC will grant foreign oil and gas explorers more flexible terms than the traditional buyback contract. The buyback contract was the reason why big energy firms were avoiding dealing with Iran. The IPC ends the more than 20 years old system that under which Iran did not give the permission to foreign companies to book reserves or to take equity stakes in Iranian companies.