“We have started our activity for a one-billion-barrel increase in crude oil production capacity from our joint fields in the coming four years. If this objective is realized, Iran’s petroleum industry will register its biggest eve bargaining chip,” Zanganeh said at the inauguration of Tehran Oil and Gas Show.

He said the planned increase will create proper conditions for drillers, manufacturers of wellhead and downhole equipment and other service providers.

The minister said his ministry will concentrate its attention on the giant offshore South Pars gas field, adding that 17 underdeveloped phases of the big reservoir will be completed in 3.5 years.

Zanganeh said his ministry will defeat international sanctions.

“We will rid Iran of the sanctions,” he said. “We have proven our industriousness even under the most difficult conditions and we hope that we will get rid of these sanctions which enemies imposed on Iran.”