Iran will launch its new upstream oil and gas contracts  during a 3-day conference that will be held in Tehran end of January 2017, reported S&P Global  Platts.

Iranian officials said that the new framework is considered as an upgrade to the buyback contract model that had been used in Iran’s oil industry for 20 years. The updated model offers better terms and conditions for investors, such as higher rewards for risky projects and 20-year terms of cooperation with extension possibility, according to Financial Tribune News.

International investors have been hoping for Iran’s new upstream agreement since January 2016, when sanctions were lifted. The contracts were delayed as parliament demanded revisions to the model which some considered unfavorable to the country because it grants big concessions to non-Iranians.

Late August, Egypt Oil&Gas reported that Iran’s Vice President, Eshaq Jahangiri, signed an authorization for the Ministry of Petroleum to use the new format.