Iranian companies will carry out 75 per cent of the first phase projects, with the balance to be completed by foreign companies.
NICOC managing director Alireza Zeighami said that if American and European companies refused to take part in the tender, other foreign bidders would be awarded the contracts.
“To attain the goals, the company needs to invest $8bn,” he added.
The company produces 145,000 barrels a day (b/d) of oil, but Zeighami expects that figure to grow to 320,000 b/d by 2011 and 395,000 b/d by 2016.