SHANA- Iranian Foreign Minister Mohammad Javad Zarif on Wednesday praised the Ministry of Petroleum efforts for seizing the opportunity of Joint Comprehensive Plan Of Action(JCPOA).

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He made the remarks in a forum held with the presence of the Foreign Ministry and the Ministry of Petroleum top officials including the Petroleum Minister Bijan Zangeneh.

The Ministry of Petroleum seized the opportunity of Joint Comprehensive Plan Of Action and had the best use of it, the official added.

He said that the Foreign Ministry is ready to prepare the ground for realization and progress of Petroleum Ministry development plans.

Zarif urged seizing the opportunity of nuclear deal by all and said the Ministry of Petroleum showed in action that the JCPOA is operational and alive.

The Islamic Republic is ramping up oil production and reclaiming market share after the lifting of Western sanctions in January.

Iran has introduced a new model of petroleum contracts knows as the new Iran Petroleum Contract (IPC) to encourage foreign investment in the country.

The IPC described as a hybrid model, will replace the buy-back contract. It is being touted as a risk service contract which includes integrated exploration, development and production.

Iran has been working on the IPC for the past two years in order to lure investment to its oil and gas sector.