Iran is hoping to make a major move forward for its economy by opening up to foreign investment.
Iran will be inviting foreign companies to make bids on oild and ga projects — the first time the nation has done so since it reached a nuclear deal with world powers in 2015. Iran’s Oil Ministry confirmed this on Sunday, according to an Associated Press report, although it did not say how many projects this would involve.
Foreign companies will need to submit applications by Nov. 19, with winners announced Dec. 7, according to the ministry’s website.
Neighboring countries will get top priority for exploration and production, as it shares border fields with those countries. There are a total of 28 joint offshore and onshore gas and oil fields that Iran shares with other countries.
The projects would probably include exploration and production in oil and gas fields. The bidding process will open on Monday.
Iran had struggled for years under the weight of sanctions. State-run National Iranian Oil Co. is requesting the applications, and it is the latest indication that iran is trying to rejuvenate its energy industry as OPEC’s third-largest producer. The country is hoping to get more than $100 billion in investment, and boost oil production by 1 million barrels each day.