SHANA -- Iranian Minister of Petroleum Bijan Zangeneh says over 6 billion dollars worth of oil contracts will be signed with local E&P, EPC and drilling companies next calendar year, beginning on March 21.

Addressing a ceremony for signing Sepehr-Jofeir fields' development contract, the official said the Iranian Ministry of Petroleum has arranged for assigning major projects to local EPC and EPD companies which will be financed by NIOC through banks.

He said under the newly developed model of oil contracts (IPC), local firms are required to join foreign partners in petroleum projects.

There are over 100 underdeveloped oil and gas fields in Iran that need to be developed; therefore, there are works for all E&P companies provided that they enjoy the required technical savvy, capacity, project management skills and capital for financing the projects, the official said.

"A section of the finances in projects will be procured by tapping the National Development Fund but the developers must supply their share of the finances," the official said.

Zanganeh said, "It is important for Iranian companies to be strong as we are open to all Iranian exploration and production companies, whether in partnership with foreign companies or independently; as long as they can finance the projects, there is work for them to be assigned to."

Referring to last week's signature of a contract between Zarubezhneft, Dana Energy and NIOC for developing Iran's Aban and West-Paydar fields, the Iranian Minister of Petroleum commented on the share of each party in the project.

It was said in the media that the Russian company bags 80% of the project's total revenues which is not an exact estimation, he said, adding, "Based on the sealed contract, only 5% of the project's revenues over the 20-year period will be taken by the developers of which the Russian company takes 80%."

Regarding Sepeh-Jofeir project, the developer can take 3% of the fields' total revenues, he added.