"Restoration of cooperation with Sinopec in Yadavaran Oilfield is a possibility," Roknoddin Javadi told reported on Saturday.
Speaking on the sidelines of a conference in Tehran to introduce Iran's new oil contract model (IPC), Javadi said NIOC is in talks with Indian contractors for developing Farzad B Field.
Asked whether international oil firms are looking to step in Iran's newly introduced projects under IPC contracts, he said: "Sure they are, so long as investment opportunities in Iran's oil industry give them numerous options so they will not have to put all their eggs in one basket."
The terms of the new contract model have been endorsed by the Rouhani administration, he said.
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, said Mehdi Hosseini, head of the conference and the official in charge of devising the new contract terms at Iran's Ministry of Petroleum, prior to the conference.
IPC is replacing buyback deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.
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.
In the wake of nuclear deal reached last July, Iran has been receiving high-ranking officials and corporate executives of major companies including from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.
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.
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