SHANA - A senior official with the National Iranian Oil Company (NIOC) said the company viewed northern oil-rich regions as a priority just like southern areas for development of the oil industry.

Speaking at a meeting of senior officials at Khazar Exploration and Production Company (KEPCO), Reza Dehghan, deputy director of development and engineering at NIOC, said that developing the oil industry in the Caspian region was becoming more economically justifiable as more exploration activities were being carried out in the region by KEPCO.

He said development and production activities in the Caspian region were inevitable, adding, it was necessary to follow up on the efforts of senior KEPCO executives and continue negotiations with foreign companies proficient in deep water drilling.

The official pointed out the attractiveness of the development of oil industry in southern regions of the country, adding: "However, there is a need to attract initial capital to accelerate the process of exploiting the hydrocarbon resources in this geopolitical area.”

H said according to the estimates by international energy agencies, the golden age of oil in the world would be at most 30 years later, and projections showed that in the next 30 years the role of oil in the global energy mix would dwindle while renewables would bolster.

“Given the advancement of technology in the world and the capabilities of domestic contractors and companies, it is imperative to pursue the exploration, transfer, and development of oil industry in the south and north of the country,” Mr. Dehghan further added.

Referring to oil production capacity in Iran, he said the country's oil output could be much higher than 4 mbd.