Tehran, Oct 13 (IANS): Oil contracts worth tens of billions of dollars will be signed within the next two years, Iran Oil Minister Bijan Namdar Zangeneh has said following a meeting with visiting Japanese Foreign Minister Fumio Kishida in Tehran.

Any deal with Japan is subject to implementation of the Joint Comprehensive Plan Of Action (JCPOA) which Tehran and the P5 1 powers endorsed in Vienna on July 14 for removal of sanctions on Iran, IRNA news agency quoted Zangeneh as saying on Monday.

"A large number of foreign companies are mulling an active role in the Islamic Republic," Zangeneh said, denying reports that Iran had already granted oil concessions to Japan.

Iran is devising new oil contracts that will be more favourable to foreign investors, focussing on the development of joint fields with neighbouring countries as well as on boosting extraction rates from oil wells, Zangeneh said.

Zangeneh said Japanese services companies will need to provide insurance coverage for their activities if they are willing to expand their presence in Iran.

"In the past, the two countries had good cooperation and we hope that their mutual ties will lead to generation of wealth after the sanctions relief," added Zangeneh.

Iran has the world's fourth-biggest oil reserves and the world's largest gas reserves.

Countries are scrambling to clinch lucrative energy deals as international sanctions are lifted under a landmark nuclear deal agreed in July.

In the wake of nuclear deal, Iran has hosted high-ranking officials and corporate executives of major energy companies from Germany, Spain, Austria, Italy, Japan, and France.