Iran pitched up to 70 oil, gas, and petrochemical projects to foreign investors in an attempt to boost its energy production ahead of the early January deadline for lifting sanctions imposed over its nuclear program in 2012, Bloomberg reported.

At a two-day conference in Tehran, Iran’s Oil Ministry reported that 137 foreign energy companies ponder investments under a new contract formula – among them Repsol, BP, Royal Dutch Shell, Statoil, Gazprom.

According to the new Integrated Petroleum Contract (IPC) model for foreign investors, Iran will offer higher incentives, longer contracts of up to 20 years, and provide full recovery of costs, the Reuters reported.

Iran intends to attract over $150b in overall foreign investments, and increase its oil output to 5.7m barrels a day by 2020.

The IPC has generated domestic criticism over alleged national interest compromise and possibly incurring losses to the industry, according to Press TV.

Referring to previous “treacherous deals” such as the D’Arcy Concession in 1901, under which the Shah of Iran gave an Anglo-Dutch company exclusive rights on the Iranian oil sector,  MP Ahmad Tavakkoli sees the model as harmful.

“Foreign companies will receive separate returns for their investment and for anything they do without paying tariffs, customs or even worker insurance, ” MP added.

Following the objections, Oil Minister, Bijan Zanganeh said that the IPC format is to be amended.

Tehran will further negotiate limits to daily outputs in a meeting with OPEC scheduled on 4 December.