National Iranian South Oil Company (NISOC) will develop four oilfields, including nine reserves, in accordance with its new contract model, the company's managing director was quoted as saying.

The company has drawn up its own model of contract which has recently been approved by the National Iranian Oil Company (NIOC) board, Bijan Alipour was quoted as saying by Shana news agency.

He said the NISOC model of contract had been drawn up by a group of its experts and it is in concurrence with the cabinet and parliament approvals.

Alipour also said talks are underway with more than 22 European and Asian companies for development of the fields entrusted to the NISOC within framework of the contract adopted exclusively for the NISOC.

He said talks with certain foreign companies are progressing and close to signing of memorandum of understanding (MoU). "Talks are going on with Polish PGNIG, British BP and Russian DeNico Consortium," he said.

Alipour said the development of the fields will take five years as per the contracts. "The contract framework is similar to the new model of oil contracts in repayment section and capital and wage payment will be possible out of half the production surplus to the baseline target."