Managing Director of Industrial Projects Management of Iran (IPMI) Morteza Emami said ground is ready for foreign investment in Irans oil and gas sector.

He made the remarks in a meeting with the visiting delegation of Danish entrepreneurs.

After execution of the Joint Comprehensive Plan Of Action, the ground is now ready for foreign investment in Iran, the official added.

He noted that several international giant oil and gas companies have declared their interest in participating in Irans oil and gas industry.

The new models of oil contracts have been planned to facilitate presence of foreign investors in Iran, Emami added.

He said that Irans oil industry needs 200 billion dollar investment for development.

Addressing the Danish delegation, the official welcomed their presence in Iran and voiced hope that two countries cooperation enter into the operational phase in near future.

The Islamic Republic is ramping up oil production and reclaiming market share after the lifting of Western sanctions in January.

Iran has introduced a new model of petroleum contracts knows as the new Iran Petroleum Contract (IPC) to encourage foreign investment in the country.

The IPC described as a hybrid model, will replace the buy-back contract. It is being touted as a risk service contract which includes integrated exploration, development and production.

Iran has been working on the IPC for the past two years in order to lure investment to its oil and gas sector.