File photo of gas flaring from an oil production platform at the Soroush oil fields in the Persian Gulf
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Iran's oil ministry said Sunday it is preparing a new type of contract that would be more attractive to major oil companies in case of the lifting of international sanctions.These sanctions have drastically reduced oil exports from Iran, also lowering production to less than 3 million barrels per day.The new contracts would replace buyback types under which contractors funded projects and got paid in the form of an allocated production share -- a system applied for more than 20 years in Iran.
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