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EghtesadOnline: Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.

The government will invite companies to bid to develop the South Azadegan field on Iran’s southwestern border with Iraq during the week of Oct. 14-20, said Ali Kardor, managing director of the National Iranian Oil Co., according to state news agency IRNA.

“We are calling for technical documents for a tender offer under the framework of the new oil contract model,” Kardor said. “We will begin sending letters to international oil companies to inform them of the relevant issues next week.”

Iran’s cabinet approved the new oil and natural gas contract model on Aug. 3, hoping to attract as much as $50 billion a year in foreign investment. Big oil companies from Europe and Asia have expressed interest in developing Iran’s under-utilized reserves since international sanctions were eased in January under last year’snuclear deal. The government hasn’t disclosed the precise terms of the new contracts, reports Bloomberg.

Opec Iran's Oil Contracts