Tasnim� The ultimate version of a new format of Iran�s oil contracts, known as Iran Petroleum Contract (IPC), has been prepared in compliance with the cabinet�s measure and will be used for putting development of a major oil field out to tender in spring.

According to Tasnim dispatches, the final version complies with the conditions set by President Hassan Rouhani�s cabinet for new contracts with the foreign contractors.

Iran�s Azadegan oil field will be reportedly the first field to be put out to tender using IPC in spring 2017.

The first contract under IPC will include development of both South and North Azadegan fields as an integrated project.

It is believed that a foreign oil giant will be assigned the task of managing the project, which requires around $1 billion in financing, while an Iranian company would be picked as a partner in the consortium.

The new oil and investment contract for international firms is planned to replace Iran�s buyback oil deals.

Iran has been working on the oil contract model for the past two years. The country hopes to draw as much as $50 billion a year from major oil companies such as Italy�s Eni SpA and France�s Total to develop its oil and gas fields.