Iran is likely to approve a new model for oil contracts on Wednesday, said the country’s oil minister, adding that priorities will be jointly owned oil and gas fields.

Iran hopes to draw as much as $50 billion a year from oil major such as Italy's Eni SpA and France's Total SA to develop its oil and gas fields, Bijan Namdar Zanganeh was quoted as saying in the Iran Daily News, which cited Bloomberg.

Most of the companies that have expressed interest are European, Zanganeh noted.

The investor-contract makes clear that domestic reserves belong to the state, Zanganeh recently told Iran’s Seda Weekly.

Zanganeh has previously said that Iran's oil industry needs $200 billion in investment in the wake of international sanctions being lifted. Of that total, $130 billion would go into upstream projects and $70 billion into downstream refineries and petrochemical plants.