Oil Minister Masoud Mir-Kazemi said here on Monday that the delay in appropriate investments in the oil industry may damage the security of energy supply throughout the globe, reported IRNA.
He made the remarks while addressing a national oil seminar held on the sidelines of the 16th Oil, Gas, Refining and Petrochemicals Exhibition which is currently underway in Tehran.
Iran, a country with huge oil and gas resources, plays a significant role in the energy supply in the world, the minister added.
Referring to the increase in energy consumption in the country, he said a huge amount of fuel energy equivalent to some eight million barrels of oil is produced in the country a day, most of which is consumed in the country.
On the South Pars gas field, he said several development projects should be completed in that field so that the country's gas production capacity would increase to 700 million cubic meters a day.
Criticizing the West for imposing sanctions against Iran's oil industry, he said the country achieved self-sufficiency in petrol production last year, thanks to the great endeavor made by Iranian experts and industrialists.
He expressed hope that the enemies' conspiracy banning foreign investment in Iran's oil industry would fail through an appropriate planning by the government.