Iran expects around $50 billion worth of oil contracts to launch their operational phases next year, the director of investment at the Industrial Development and Renovation Organization (IDRO) was quoted as saying in an Iran Daily report.

The Islamic Republic is inviting local and foreign companies to take part in oilfield development projects that Iran wants to launch soon, said Fardad Daliri, the report said, citing Trend News Agency.

"We are hopeful about signing huge oil deals on the development of joint oilfields — both on and offshore," Daliri said.

Iran is finalizing talks and expects to sign the deals shortly with major international companies, including France's Total, Denmark's Maersk, Malaysia's Petronas, Indonesia's Pertamina, and Russia's Lukoil, the official said.