The National Iranian South Oil Company’s (NISOC) Managing Director, Bijan Alipour, declared that the company will develop four oilfields, Parsi, Karanj, Rag Sefid, and Shadgan, which include nine reserves, in accordance with its new contract model which is expected to extend up to five years per agreement, with no ceiling for investments, reported Trade Arabia.

The NISOC’s model of contract had been drawn up by a group of its experts and concords with a cabinet and parliament approval. Alipour added that the company is in talks with more than 22 European and Asian companies for development of the fields entrusted to the NISOC within framework of the contract adopted exclusively for it, according to Shana. Furthermore, negotiations with several  foreign companies are underway and the signing memorandums of understanding (MoU) are imminent. While, the company has started talks with Polish PGNIG, British BP and Russian DeNico Consortium.

NISOC’s announcement comes as Iran recover’s its crude production after sanctions have been lifted early 2017. Egypt Oil&Gas reported that the National Iranian Oil Company’s (NIOC) Managing Director, Ali Kardor, had said that Iran’s exports of crude oil were expected to reach 2.5mb/d by the end of the Iranian fiscal year, which concludes on March 20.