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, which allow companies to book reserves.

Iran will reveal details of its plans in London in March 2014. It hopes the move will attract $100bn-worth of investment over the next three years, to develop the Islamic Republic’s 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.