The deputy director of development and engineering affairs of the National Iranian Oil Company (NIOC) underlined the favorable results achieved of appraisal studies over exploration blocs in Iran, and said: "Annual explorations show that the exploration capacity is still high in the country."

Reza Dehghan said on Tuesday that studies in recent years indicate that the volume of in-place oil and gas reserves in the country has been higher than estimated.

He said that 75 percent of gas exploration and 20 percent of oil exploration in Iran took place after the 1979 Islamic Revolution, adding NIOC expected that the estimated volume of oil and gas reserves would be enhanced in the country.

Dehghan said NIOC would not welcome sanctions, but added that such threats would be turned into opportunities in a progressive community.

“Fortunately, Iranian companies have achieved the necessary self-sufficiency in developing, implementing and carrying out exploration activities, and the technical savvy, expertise and equipment of these companies can be fully exploited,” he said.