Iran says new oil contracts model approved

The head of Iran's petroleum contracts committee said on Thursday the government had approved a model for new contracts but it was still being processed by a commission. Seyed Mehdi Hosseini, asked when the final draft of the contract will be ready and presented, told an oil summit in Paris that the committee he chairs was hoping for June or July.
"We are doing our best to do something in June or July," Hosseini said, adding that the Iranian government had approved the model for the new contract.
Hosseini later told reporters that bidding and negotiations for Iran's oilfields will start in June or July.
"The fields that will come for bidding are mostly big fields," he said, adding that some common fields it shares with other countries would also be open to bidding.