Mehdi Fakour said the oil explorations have shown a considerable hike in various sectors as compared to the past five years, according to Mehr news agency.
He added that the oil explorations made in the first two years of the current administration have registered a 300% hike.
The feasibility studies of some explorations have started in the country, he said, adding that negotiations have been made with a number of industrial production companies.
Currently, the oil exploration activities in the country are at a satisfactory level, Fakour added.
Earlier, CEO of the National Iranian Oil Company Mohsen Khojastehmehr said that the company has a 100-year vision for exploration, emphasizing that the company is determined to carry out maximum exploration operations to discover and maintain the country’s reserves.