DUBAI, Nov 28 (Reuters) - Iran offered on Saturday about 50oil and gas projects to be developed by foreign investors withlocal partners under a new scheme it hopes will initiallygenerate $25 billion in investments, state media reported.
Iran reached a deal with world powers in July, under whichsanctions will be lifted in return for it scaling down itsnuclear programme.
It has outlined plans to rebuild its main industries andtrade relationships following the agreement, targeting oil andgas projects worth $185 billion by 2020.
Some 135 energy companies attended a conference in Tehran tohear the terms of a new energy contract - which it calls itsintegrated petroleum contract (IPC).
"The estimate is that if we can draw about $25 billion (inforeign investments) in a first phase, that would be a very goodfigure," Oil Minister Bijan Zanganeh told reporters in remarkscarried by state television.
Iran needs Western oil companies to help revive its agingoilfields and develop new oil and gas projects and the new oilcontracts are part of its drive to attract Western investors.
British Petroleum, France's Total, Norway'sStatoil, China's Sinopec, Shell,Italy's Eni and Spanish oil major Repsol wereamong companies attending the conference, the oil ministry'swebsite Shana reported.
Zanganeh repeated that U.S. companies would also be allowedto participate in IPCs, under which foreign investors shouldhave local partners and commit to technology transfer.
"The current (crude oil) prices and even less will not createa problem for the projects' reimbursement or profits because oflow finished cost in our industry," Shana quoted Zanganeh assaying, adding that Iran's production cost was $10 per barrel.
The price of oil has fallen to around $45 per barrel from asmuch as $115 in the middle of last year.
Iran's output is down one million barrels per day at 2.7million bpd since the start of 2012 when sanctions were imposed. (Reporting by Dubai newsroom, editing by Sami Aboudi and SusanThomas)
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