Speaking on the sidelines of his visit to the 28th Iran International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition (Iran Oil Show 2024), Fakour added that “In the last 2.5 years, we have witnessed growths of 400, 300, 189 and 127 percent, respectively in the field of 2D seismography, 3D seismography, magnetometry, and 3D seismic processing compared to related figures for the preceding four years,” the official stated.

“Currently, the exploration success rate in the world stands at 10 percent, while this figure is 100 percent in Iran, as in Iraq, it hits 50%, in Oman 30 percent, in the United Arab Emirates 15 percent, and in Qatar five percent,” he stated.

Fakour went on to say that in the past, exploration operations across the country were limited to a few numbers of provinces, noting that today, due to the efforts of the staff of his company, exploration drillings are being carried out in 19 provinces of Iran, equivalent to 60 percent of the country's area, which has created employment for more than 5,000 people.

Iran is currently implementing eight exploration projects; he said adding that a sum of 28 new exploration sites is on agenda for his company for drilling operations.

In addition to 1,500 Iranian firms, a sum of 250 companies from 12 countries have taken part in Iran Oil Show 2024, whose motto is “Petroleum industry, production leap and technological optimization”.‎

Participants from the upstream, intermediate and downstream sectors of the oil industry, along with associations and unions of oil industry equipment manufacturers, first-time producers NTBFs are showcasing their achievements in the Iran Oil Show 2024, which is the most important Iranian event related to the oil industry.

Inaugurated on Wednesday, the exhibition will be open to visitors at the Tehran International Permanent Fairground every day from 9:00 a.m. to 4:00 p.m. (0530 to 1230 GMT) until Saturday.