An investment opportunity exists in the Iranian energy sector, but there are a series of hurdles remaining, Austrian energy company OMV said.

The Iranian government has approved a draft document outlining contracts for exploration, production and development of oil and natural gas fields in a post-sanctions business climate.

Under the new terms, the National Iranian Oil Co. will set up joint ventures with foreign companies, which will be paid with a share of the output. Ahead of a string of planned investment conferences, Iranian officials have met with European energy representatives to discuss the terms of new relationships in the oil and gas sector.

Austrian energy company OMV, whose chief executive officer Rainer Seele was among those who joined a recent trade visit to Tehran, said the dialogue with Iran remained open, but there were no concrete developments in the works.

Iranian officials have said OMV could help double production from Iran's oil and gas fields. OMV spokesman Robert Lechner said in response to email questions the potential exists, but there's nothing immediate on the agenda.

"To unleash this vast potential, three elements are required," he said. "The lifting of sanctions, a competitive fiscal and legal regime to attract foreign direct investment, and state-of-the-art technological knowhow."

Sanctions, easing as a result of a July nuclear agreement with world powers, starved Iran's energy sector of much-needed investments.

A recent report from analysis firm Verisk Maplecroft said that even if energy sanctions ease, some companies may still face difficulties as military entities tied to the conservative Islamic Revolutionary Guard Corps will remain blacklisted, adding a layer of complexity for companies looking to move into the Iranian market.

Iran said it could add another 500,000 barrels of oil per day to the international market after sanctions are lifted.