Javad Owji made the remark at the 27th Iran International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition, also ‎known as Iran Oil Show 2023, adding as planned, over 160 billion dollars are needed to develop oil industry upstream and downstream sectors.

More than five-billion-dollar agreements and 40-billion-dollar MoUs have been inked with international companies to develop oil and gas fields during the 13th (incumbent) administration, he said.

The Oil Ministry has put implementation of prioritized projects on the agenda, particularly the development plans of oil and gas fields as well as shared offshore and onshore fields, Owji stated.

Completion of the first phase of South Azadegan Oil Field is also on the agenda, he said.

Participation of foreign companies has helped introduce local capabilities and export technical and engineering services, he said, adding the government’s focus on offshore refineries has led to signing several contracts.

Offshore refineries helped increase oil exports and grow the country's economy, he said.

On Iran Oil Show, he said it is a big exhibition in the Middle East, adding, “Over 1,500 local firms and more than 200 companies from 13 countries have attended the event.”

The exhibition has also hosted more than 30,000 visitors per day, which is a record number for a specialized exhibition, he said.