NIOC official calls for foreign investment to develop joint fields

'Any delay in development of joint fields will leave irreparable damage on the country,' Qamsari said.

Minister of Petroleum Bijan Zanganeh briefed Majlis closed-door session on Sunday on new model of oil contracts, according to IRNA. 

He said that the Oil Ministry has taken to account 15 points the Supreme Leader required to observe in foreign contracts.

Experts warn that any delay in signing contracts for foreign investment will hinder development of joint fields and will help the neighboring states to plunder Iranian oil reserves.

Qamsari said oil industry needs 100 billion dollars to be channeled to development projects in the form of investment.