Iran plans to develop oil and gas projects worth $185bn within five years

Iran intends to develop oil and gas projects in the country worth around $185bn by 2020.

Iranian government has identified almost 50 oil and gas projects for the potential investment which can help it to reenergise its core industries and trade relations.

The decision follows the recently signed nuclear agreement with the world powers which allows for access to nuclear sites in the country in exchange for the lifting of the energy sanctions.

Iran Industry, Mines and Trade Minister Mohammad Reza Nematzadeh was cited by Reuters as saying that the country intends to focus on its oil and gas, metals and car industries and increasing European exports.

Nematzadeh said: "We are looking for a two-way trade as well as cooperation in development, design and engineering."

Iran Commerce and International Affairs Deputy Oil Minister Hossein Zamaninia was quoted by the news agency as saying: "Even in the past couple of weeks we have approved more than $2 billion of projects in Iran by European companies."

The Islamic country is estimated to have crude oil reserves of about 30 billion barrels.

Daily exports of nearly 200,000 barrels of reserves are being considered in the short term, reports RT.

According to Zamaninia, Iran has designed the integrated petroleum contract (IPC), which is a new model contract, to support its negotiations with potential foreign partners.

"This model contract addresses some of the deficiencies of the old buyback contract and it further aligns the short- and long-term interests of parties involved," Zamaninia added.

The country plans to reveal the new projects and contract model within the next two to three months.

Energy sanctions on the oil and gas sector in the country are likely to be removed in late October or early November.