The National Iranian Oil Company (NIOC) has signed seven new initial agreements with firms including  Austria’s OMV, France’s Total, Germany’s Wintershall, Indonesia’s Pertamina, Russia’s Lukoil and Zarubezhneft to study the country’s oil fields, reported Reuters.

In related news, the government will invite companies to bid on developing the South Azadegan field on Iran’s southwestern border with Iraq, during mid October. NIOC’s Managing Director, Ali Kardor, said: “the company expects to sign three contracts worth a total of $10b by March 2017”, according to Bloomberg.

These deals come after Iran’s cabinet has approved a new model for oil and natural gas agreements in an attempt to attract as much as $50b/y in foreign investments. Meanwhile, many western and Asian oil firms have shown interest in Iran and are waiting on Tehran to finalize the new terms of contracts with foreign organizations.