International oil companies (IOCs) must wait until February 2016 to receive details on bidding on Iran’s oil and gas fields under the new contract model, after being left disappointed by a much-hyped meeting in Tehran.

The government hosted IOCs to Tehran on 28-29 November to unveil the new Iran Petroleum Contract (IPC) created to attract investment in the country’s oil and gas sector following the anticipated suspension of sanctions next year.

The Petroleum Ministry distributed details of over 50 projects that it is looking for international partners to develop but no specific information on potential revenues or production sharing.

The ministry said the event attracted 137 foreign companies from large European and Asian IOCs to engineering contractors.

Iranian Oil Minister Bijan Zanganeh told the conference that 52 oil fields would be on offer for international investors, with total investment opportunities of $30bn.

The new contracts will last for 15 to 20 years and IOCs will have the opportunity to extend contracts for an additional five years.

IPC will replace the buy-back model introduced in the 1990s, which forced investors to keep costs below an agreed level, leading to large potential losses in the event of changes during the development phase.

Many of the companies attending the conference – such as France’s Total, Italy’s Eni, as well as Chinese and Russian groups – have pulled out of Iranian buy-back contracts in the last decade over contract disputes or sanctions-related risk.

Total CEO Patrick Pouyanne appeared pessimistic in the weeks before the Tehran conference, despite the company previously being among the most keen to invest in Iran.

Speaking at the Adipec conference on Abu Dhabi on 10 November Pouyanne said it was optimistic to expect deals to be quickly signed after the launch of the IPC, comparing prospects in Iran to the relative lack of interest in recent oil concessions in Iraq.

Before the event in Iran, the Petroleum Ministry said it would release the details of the IPC and projects open for investment over two conferences – one in Tehran and another in London on 22-24 February.

The London conference, which was postponed from a previous date in mid-December this year, could be used to release more detailed information on the contracts and bidding processes. It will also come at a time when the timeline for the removal of nuclear-related sanctions will be clearer.

Iran aims to double crude production to 5.7 million barrels a day (b/d) by 2021 by contracting IOCs to carry out capacity expansions at its oil fields.

US-based companies, which are subject to additional sanctions from Washington, were absent from the meeting Tehran. It appears that European and Asian companies will have the advantage when Iran tenders major contracts on its oil, gas and petrochemicals assets.

According to reports, major IOCs attending the conference include UK-based BP, UK-Dutch Shell, Total, Eni, Japan’s Inpex, Chinese state oil companies and Russian groups Lukoil, Rosneft and Gazprom.

The event also attracted engineering companies such as France’s Technip and South Korean group Daewoo Engineering & Construction.