Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions.

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 Bosses from oil majors including BP, Total, Eni, Royal Dutch Shell and LUKOIL have all travelled to Tehran this year, since the EU sanctions ended in January. Their teams spent weeks meeting local officials ahead of investment tenders due to start next month.

But several senior executives and members of their negotiating teams told Reuters they still had not been given sufficient information about the geology of Iranian fields or contract terms. The people, who were not speaking from Iran, said they were also unclear about how quickly they would be able to recoup their investment and who they could partner with locally.

While foreign companies are eager to enter Iran, which sits on a tenth of the world's oil reserves, they are also wary of any contract terms that may lead to them falling foul of remaining U.S. sanctions.