Iran is likely to enter oil investment deals to the tune of $30 billion under the new contracts to be unveiled next week, a report said.

"A section of our oil industry's challenges will be overcome with the new contract models," Oil Minister Bijan Namdar Zanganeh was quoted as telling Shana in the Iran Daily report.

He was speaking ahead of the Iran Petroleum Contract (IPC) conference set to be held on November 28 and 29 in Tehran.

"The industry faces numerous problems, one of which is the oil contracts model," he said. "The new contract model will remove part of the problem."

Iran underlines the need for technology transfer by foreign partners under the new contracts, Zanganeh noted.