National Iranian Oil Company (NIOC) said that it would open bidding for upstream oil and natural gas projects Oct. 17 for the first time since Iran reached a nuclear deal with world powers last year, Reuters reported Oct. 16. The NIOC and an Iran-controlled firm signed the first oil output contract under new, reduced restrictions earlier this month. Iran hopes to attract more than $150 billion in foreign investment into its energy sector by 2020. As OPEC leaders plan to reduce oil output to rectify a global glut, Iran, OPEC’s third largest member, is planning to increase its output to 4 million barrels per year.