Iran is aiming to attract international companies back to its energy sector by offering more lucrative contracts to develop its oil and gas fields, according to a report by the Financial Times.

Mehdi Hosseini, an adviser to Iran’s oil minister, told the newspaper that Iran would scrap its current system of “buyback” contracts and introduce new deals that allow companies to book reserves.

Iran is planning to reveal details in London in March 2014 of plans it hopes will attract $100bn-worth of investment over the next three years to develop the Islamic Republic’s ailing oil and gas industry.

The strategy comes amid a cooling of tensions between Tehran and Washington, which are engaging in the most active negotiations on Iran’s nuclear programme for several years.