SHANA -- A senior Iranian oil official dismissed on Monday any impact of possible sanctions on the country's petroleum industry development.

"Challenges including sanctions could not stop development of petroleum industry in Iran. We will not be stopped," Gholam-Reza Manouchehri, deputy CEO of National Iranian Oil Company (NIOC) for development and engineering, said.

"Our strategy at NIOC is to apply the new model of oil contracts (known as IPC) for developing fields. Three IPC oil contracts have so far been signed," he said. "In light of negotiations under way by NIOC negotiators, we predict to see more agreements within six months."

Manouchehri said the remaining phases of the South Pars gas field, except for Phase 11 and part of Phase 14, would be fully developed by the end of the current calendar year in March 2019.

He also referred to activities under way in the West Karoun area in western Iran, saying: "NIOC seeks interaction with domestic and foreign companies and is looking for more experience. Iranian E&P companies are upgrading themselves and various challenges could not stop NIOC development activities."