Iran will finalise three oil contracts before March 20, the director general of National Iranian Oil Company (NIOC)  was quoted as saying in a media report.

The Azadegan oilfield, 80 km west of the Iranian city of Ahvaz, will be the first project, Ali Kardor said, according to an Irna report.

According to new contracts, the winner of the tender will exploit the field for 20 years, he said.

Investors will also be able to participate in these projects using established funds, he added.

Some 10 groups are reviewing and holding talks over new oil contracts, he reiterated.