Iranian Central Oil Fields Company (ICOFC) introduced 9 oil fields and 5 gas fields for development investment located to the west of the country as part of proceedings of the Iran Petroleum Contracts (IPC) Conference. Speaking at a panel on investment opportunities, ICOFC Planning Director Saleh Hendi said the company covers 70 percent of Iran in 11 provinces and produces 40 percent of the country’s gas. “We invite the investors to provide their plans for carrying out IOR/EOR projects so that they can increase their chance of partnership,” he told the two-day conference which opened here on Saturday. In October, ICOFC Managing Director Salbali Karimi said the firm has prepared investment packages to be introduced to the conference on Iran’s new petroleum projects. “The main concern and capital of the officials in oil industry is the issue of improved recovery,” he told Shana. In September, Experts and managers from ICOFC and Malaysian oil and gas company PETRONAS met to exchange experience. PETRONAS has participated in the IPC conference in Tehran. Senior Officials from the Malaysian firm met Managing Director of the National Iranian Oil Company (NIOC) Roknedding Javadi on Saturday. Representatives from 137 petroleum heavyweights including Royal Dutch Shell, Total and Lukoil, to name a very few, attended the conference. The representatives came from 45 countries. Totally, 335 companies have participated in the two-day event to be the first to know about the contract terms. A follow-up conference will be held in London on February 22-24 after the IPC event in Tehran. Iranian Minister of Petroleum Bijan Zangeneh has said that Iran welcomes foreign investment in its energy industry, but stresses technology transfer by foreign partners in the new contracts. In the run-up to the conference, he said there is the prospect of entering oil investment deals to the tune of 30 billion dollars under the new contracts on the sidelines of the conference. “A section of our oil industry’s challenges will be settled by the new contract models,” he told Shana on the verge the IPC Conference. His advisor, Mansour Moazzemi, has said that the new oil contracts to be introduced are drawn on win-win terms considering tough competition for the development of the region’s oil fields. “The new IPC model is on a win-win basis which secures the interests of both parties to the contracts,” he said.