Speaking to PIN, Nozari added the volume of the investment within the past three years is remarkable surpassing $46bn.

Referring to some deals signed during the past three years, Nozari compared Yadavaran and Jofeir contracts as impressive in comparison with the past.

The Minister had already said new buy-back contracts revised to mitigate the risks and provide more incentives for foreign investors to participate in Iranian projects, are now more attractive to foreign companies.

He underlined that revised oil and gas development contracts resulted in $46bn investments in oil industry within the past three years and they have made a good progress at the time.

Under buy-back agreements, firms generally hand over operations of fields to Iran after development and receive payment from oil or gas production for several years to cover their investment.