DUBAI, July 4 (Reuters) - Iran's oil minister Bijan Zanganehwill soon present a long-awaited template for new internationaloil contracts to the government, as foreign companies watch fora nuclear deal that could allow them into a major untappedmarket.
Iran is in the final stages of negotiations with worldpowers on its disputed nuclear programme. A deal could removeinternational sanctions within months, opening one of theworld's top energy producers to foreign investment.
"The oil minister will soon lay out the new model for Iran'sinternational oil contracts to the council of ministers," MehdiHosseini, head of Iran's Oil Contracts Revision Committee, wasquoted as saying by the official energy news agency Shana.
The new contracts will integrate exploration, production anddevelopment processes, encourage foreign companies to invest inhigh-risk areas, and promote technology transfer and financialtransparency, Shana reported.
Reuters reported in February that Iran had sweetened theterms of its international oil contracts to draw much-neededforeign investment to a sector that has stagnated since it wastargeted with a new round of sanctions in 2012.
Since then, international oil and trading companiesincluding Shell and Glencore have sentdelegations to Tehran, laying the groundwork for possibleinvestments if and when sanctions are lifted.
The new contract format is expected to be formally announcedat a conference in London in November. (Reporting by Sam Wilkin; Editing by Ruth Pitchford)