Iran's Oil Minister Masoud Mirkazemi on Monday urged domestic and international companies to invest in the country's oil industry.
Mirkazemi said that any delay in appropriate investments may damage the security of energy supply throughout the world.
Making the remarks at a national oil seminar on the sidelines of the on-going 16th Oil, Gas, Refining and Petrochemicals Exhibition in Tehran, he criticized the West for imposing sanctions against Iran's oil industry and said that Iranian experts and industrialists have overcome the issues by their great endeavor.
He said a huge amount of fuel energy equivalent to some eight million barrels of oil is produced in Iran per day, most of which is consumed in the country, stressing that several development projects should be completed in the South Pars gas field so that the country's gas production capacity would increase to 700 million cubic meters a day.
The managing director of the National Iranian Oil Company (NIOC) said Monday one of Iran's key priorities is to exploit gas and oil from joint fields in border areas.
Speaking at the national oil seminar, Ahmad Qalebani said Tehran also gives priority to development of infrastructures in the upstream industries.
The South Pars/North Dome field is a natural gas condensate field located in the Persian Gulf. It is one of the world's largest gas fields, and was shared between Iran and Qatar.
According to the International Energy Agency, the field holds an estimated 50.97 trillion cubic meters of in-situ gas and some 50 billion barrels of condensates.
The managing director of NIOC stressed that Iran has great potentials for taking part in making major decisions in the field of world's energy.
Qalebani added that providing necessary domestic and foreign financial resources as well as increased use of human resources were among the top strategies of the NIOC.
In the meantime, Iran's Majlis (Parliament) Speaker Ali Larijani said Monday Tehran is ready to cooperate with the West to create lasting global energy security based on "mutual respect" and "fairness.
Western countries should avoid lobbying against Iran, Larijani said at the energy seminar in Tehran, adding that "the language of sanctions is not effective on the Islamic Republic".
The oil and gas fair was opened on Friday and will continue till April 19, attracting companies from Asia, Latin America, North America and Europe to display their latest achievements in refinery and petrochemical products.