TEHRAN May 06(Shana)--Iran�s first vice-president has said that the country is looking for domestic and foreign investment to develop oil and gas fields shared with neighboring countries.

Es�haq Jahangiri said at the inauguration of Tehran Oil and Gas Show that the new model of oil contracts being drafted by Ministry of Petroleum would be �such attractive to help the petroleum industry attract the necessary foreign investment shortly.�

He said that the giant offshore South Pars gas field, which Iran shares with Qatar, holds 40% of Iran�s gas reserves. The field, he said, holds more than 14.2 tcm of gas and 19 billion barrels of gas condensate.

Jahangiri said the share of gas in Iran�s energy mix would reach 70% as new phases of South Pars are coming on-stream.
�Iran is determined to bring its oil production capacity back to the pre-sanctions level shortly after the signature of a nuclear accord in a bid to take back its position in the world oil markets,� he said.

By SHANA