Iran’s new model oil contracts, designed to lure billions of dollars in foreign investment for its energy industry, still need revisions and the government is confident the first deals will be signed within months, Oil Minister Bijan Namdar Zanganeh said, according to a Bloomberg report.

The contracts were sent to the government for approval two weeks ago, Zanganeh said in an interview published by Seda Weekly magazine. The first contract with a foreign company will be signed within three months, he said. The oil ministry has been working on a new oil contract model for the past two years.

Iran was the second-biggest producer in the Organization of Petroleum Exporting Countries (Opec) until international sanctions were intensified against the country in 2012 because of its nuclear programme. Since sanctions eased in January, Iran lifted crude production to a four-year high of 3.8 million barrels a day (mbpd). The country hopes to draw as much as $50 billion a year from major oil companies such as Italy’s Eni and France’s Total.

Iran is seeking to boost output by 600,000 to 700,000 bpd over five years from fields in an area west of the Karoun River along the Iraqi border, Zanganeh said. It plans to increase production from these fields by 90,000 barrels this year.