Iran did not wait for the big powers to develop its oil and gas industry, rather, the country relied on its own domestic potential and managed to materialize most of the objectives in the oil and gas industries, Javad Owji said, speaking in the inaugural ceremony of the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition dubbed "Iran Oil Show".
He said the country’s oil production volume has increased by 60 percent since August 2021 when the current administration assumed office.
In this period, 54 million cubic meters have been added to the gas production volume and 10 million tons have been added to the volume of the petrochemical products, Owji stated.
Pointing to the exhibition, he said it is one of the most prestigious exhibition events in West Asia, attended by 1,700 domestic and 250 foreign companies, according to IRNA.
Elsewhere in his remarks, he pointed to Phase 11 of South Pars Gas Field and noted that it was put into operation after 20 years.
Currently, 12.5 million cubic meters of gas are extracted from this field, he said, adding that the ministry intends to extract 20 million cubic meters of gas from the field before the end of the current administration’s term.
To develop the country's oil fields, the Oil Ministry has concluded a contract, valued at $13 billion, he further said.