TEHRAN – Iran could sign the first development deal within the framework of its new model of oil contracts in March or April, Ali Kardor, deputy director of investment and financing at the National Iranian Oil Company said.

Iran introduced its long-awaited new model of oil contracts, known as the Integrated Petroleum Contract (IPC), in a Tehran conference on Saturday.

“The next step is for foreign vendors to make a technical assessment and choose a domestic partner,” Kardor said.

The IPC will replace buy-back contracts. It is expected to offer more flexible terms on oil price fluctuations and investment risks to make the sector more financially attractive.

Iran introduced 70 oil and gas projects, valued at $30 billion, to foreign investors at the two-day conference.

The country offered 52 oil and gas development projects in addition to 18 exploration blocks.