“We share oil reserves with the neighbors; they have the highest rate of extraction; so it will not be wise to further lag behind in extraction from the fields.”

Damadi said Iran is rich in young engineers and technicians, who look for jobs. 

He added that expansion of cooperation and attraction of capital will pave the ground for more flourishment, employment and economic growth.

The official said suitable conditions should be prepared and investors should be invited, while continously importing technology to speedily develop joint fields.

“Oil accounts for major portion of our revenues; so we should be more realistic; we have no other option but inviting entrepreneurs and further develop the oil industry. We should gain our due right, that is more extraction from joint fields.”