Iran has signed 12 contracts with foreign companies operating in the sector, said a top official, adding that there are plans to sign 12 new deals with foreign firms.
 
Low cost and low risk for oil and gas production as the two advantages foreign companies see in investment in Iran, deputy head of National Iranian Oil Company (NIOC) Gholamreza Manouchehri was quoted as saying in an Iran Daily report, which cited Tasnim News Agency.

Iran plans to raise oil production to as high as four million of barrels per day, the report said.