Iran’s oil and gas sector needs an injection of  $200b worth of investments, according to Iran’s Minister of Petroleum, Bijan Zangeneh, stated. $130b is required for upstream, while the remainder is needed for processing facilities, Sputnik International reported.

The minister expressed his concern by stating “to develop our oil industry, our domestic resources are not sufficient,” adding “the new oil contract models were devised with the objective of materializing this target,” reported Oil & Gas Euroasia.

The new contract system planned to be introduced, Iran Petroleum Contract(IPC), is a new contract model meant to attract investments into the country by awarding foreign oil companies more favorable terms, PressTV reported

Multinational companies such as Shell and Total joined forces with Iran’s National Iranian Oil Company (NIOC) and the National Iranian Tanker Company (NITC) in order to help boost the oil and gas industry in Iran, according to Sputnik International.

Iran’s economic sanctions were removed after the International Atomic Energy Agency’s (IAEA) declared that Iran has constrained it’s nuclear program to begin receiving relief on sanctions last July. The declaration was laid out by the U.S and the five permanent members of the United Nations Security Council, NPR reported