"Until now, less than 30% of the reserves' recoverable oil and gas has been recovered or developed for production and IPC contracts can be seen as a favorable opportunity for utilizing the existent potentialities," he said. 

"Our in-place oil reserves are nearly 158b barrels, 10% of the world's total reserves, and we have a massive potential in this regard…. Our oil output must be doubled," Javadi added. 

Representatives from petroleum heavyweights including Royal Dutch Shell, Total and Lukoil, to name a very few, have arrived in Tehran to attend the conference which is to introduce IPC. The event opened on Saturday in Tehran. 

He said the representatives come from 45 countries. Totally, 335 companies have participated in the event to be the first to know about the contract terms. 

The contract took two years to be devised by the ministry and be endorsed by the Rouhani administration, and the projects introduced under IPC are hoped to meet a part of Iran's need for developing its oil and gas industry, he said.

But under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.

Iranian Minister of Petroleum Bijan Zangeneh has said that Iran welcomes foreign investment in its energy industry, but stresses technology transfer by foreign partners in the new contracts.