Without the latest technologies to increase production, there is a good chance that Iranian oilfields will be exhausted in the near future, says the deputy for technology and international affairs at the Research Institute of Petroleum Industry.

"Even if the country focuses all its energy on completing the value chain in oil and gas industries, without new drilling techniques to exploit our reserve of nearly 650 billion barrels of crude oil, we will still fail to harvest the maximum capacity of oilfields," Amir Abbas Hosseini told ILNA.

The official had previously announced that the institute is seeking a strategic mechanism to raise oil extraction rate by nearly 11% and that the current extraction rate is a long way from the target rate of 35%, because extraction procedures are lacking know-how.

"Failing to do so would lead to a production decline through the second half of the operational oilfields' lifecycle and, eventually, their demise," he said.

Stressing that Iran's return to its previous standing in oil trade does not interfere with completing the value chain, Hosseini said lack of a strategic plan for enhancing oil recovery has put off optimum exploitation of the fields.

"Other countries with oilfields similar to those in Iran have made enhanced oil recovery and boosting exports their number one priority," he said. Iran holds the fourth-largest proven crude oil reserves and more than one-third of OPEC's reserves. However, oil and trade embargoes against Tehran have led to constraints in crude extraction technologies in the past few years.

A report released by market research firm Lux Research says advanced oil drilling technologies could increase the world’s oil supplies sixfold in the coming years to 10.2 trillion barrels.