TEHRAN - Iran is progressing ahead of its planned targets in oil exploration and aims to identify new — albeit smaller — oil fields by leveraging modern technologies, a deputy oil minister said on Monday, expressing hope that such developments could pave the way for greater private sector participation through IPC and other contractual frameworks.

Hamid Bovard, who also heads the National Iranian Oil Company (NIOC), made the remarks during a ceremony marking the anniversary of oil discovery in Iran, according to a statement from the Oil Ministry.

“Exploration is the first link in the oil and gas production chain,” Bovard said, emphasizing the need for historical documentation and archiving in the oil sector. “Iran’s exploration history is proud and illustrious, and I believe such efforts must be continued and strengthened within NIOC.”

He revealed that a dedicated book on Iran’s oil exploration efforts has already been compiled and should be finalized and published.

Bovard also underlined the importance of unconventional resources, such as shale oil. “Lorestan’s shale oil must receive serious attention,” he said, noting that while accessing large oil fields has become increasingly difficult, many untapped fields still exist across the country.

Referring to the historical significance of Masjed Soleyman, Bovard said the discovery of oil in the city more than a century ago triggered sweeping political, economic, and social changes in Iran.

“If there has been economic progress in Iran over the past 117 years, over 50 percent of it is due to the oil industry,” he said.

Calling oil the “locomotive” of Iran’s economy, Bovard lamented that the resource has often borne the weight of the entire economy, instead of serving as a foundation for broader development. “With better planning and foresight, its role in the national economy could have been even more significant.”

He stressed that Masjed Soleyman “has done a great service to the Iranian people,” but noted the city’s current condition is far from ideal. He voiced hope that renewed efforts by the oil industry could help improve its fortunes.

According to Bovard, the government has approved a budget of 10 trillion rials (about $20 million at the market exchange rate of 500,000 rials per dollar) for road infrastructure upgrades in Masjed Soleyman. He also welcomed plans for 3D seismic exploration in the region, targeting the deeper layers of the Gachsaran and Asmari formations.

“The oil wells in Masjed Soleyman are just 400 meters deep, and the region holds considerable untapped potential,” Bouard said. He called for a renewed outlook on the city’s future, adding that other oil-bearing layers in Ahvaz also remain underdeveloped.

“I am confident that Masjed Soleyman has a bright future,” he concluded.

EF/MA