Iran plans to launch the new model of oil contracts for the development of a major oilfield in the south-western province of Khuzestan within the next four weeks, a report said.

The project to develop South Azadegan oilfield would be Iran's first international tender, Deputy Head of National Iranian Oil Company (NIOC) Gholamreza Manouchehri, was quoted as saying in the Iran Daily report, which cited Tasnim News Agency.

The documents of the tender have almost been finalized, he said, adding according to the schedule, the development project of the South Azadegan oilfield will be put out to tender by the next four weeks.

Manouchehri noted that Japan's Inpex Corporation, which has signed a memorandum of understanding (MoU) with the NIOC to conduct studies on the development of the South Azadegan oilfield, has submitted its report on the first phase of the studies.

The new oil and investment contract for international firms, known as the IPC, will replace Iran's buyback oil deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces, the report said.