Mehdi Hosseini, director of an Oil Ministry committee tasked with revising Iran's oil contracts, said the government was scrapping buy-back contracts in favor of joint ventures with international energy companies.
"Under new contracts, Iranian experts will work shoulder-to-shoulder with foreign investment companies in order to become familiar with the latest technologies of the world," he was quoted as saying Sunday by Iran's state-funded broadcaster Press TV.
Under the former system, Iran paid contractors a pre-determined price for the hydrocarbons produced.
In the new system, the National Iranian Oil Co. forms joint ventures with international companies that will get a portion of resources produced.
Representatives from French energy company Total were among delegates who visited Tehran in early February as part of a French trade mission.
Iran says it's ready to start courting foreign investors now that it secured sanctions relief through an interim nuclear agreement reached in November with Western powers.
Notable deaths of 2014 [PHOTOS]