Iran and the P5+1 group of world powers are expected to announce the signing of a comprehensive nuclear agreement on 14 July, according to reports coming out of the talks in Vienna.

The two sides extended the deadline several times from 30 June, as foreign ministers attempted to overcome several sticking points following the framework agreement on 2 April.

A public announcement has been scheduled for later in the morning in the Austrian capital, where officials are expected to announce the terms of the agreement, which will see Iran limit its nuclear programme in exchange for relief from international economic sanctions.

Contentious issues included the level of access UN inspectors would have to Iranian military sites and the timeline of sanctions removal, which Tehran had insisted must happen immediately after the deal.

A plenary meeting between Iran and the P5+1 group – the US, France Germany, the UK, China and Russia – is scheduled to take place at 10:30am local time, followed by a press conference.

The end of sanctions could drive significant overseas investment in the country’s ailing oil and gas industry. Iran has announced plans to tender 17 oil and gas blocks to international oil companies (IOCs), but there is little interest while sanctions remain in place.