Iran’s oil minister said Monday that output at many oil wells has fallen from 50,000 barrels p/d to 1,000 and local expertise should help restore production.

Speaking at an event dedicated to research at the oil ministry, Owji urged Iranian young scientists to help the oil industry and raise production to much higher capacity, which he insisted is possible for the country. He said only 30 percent of oil reserves are currently accessible and 700 oil wells can benefit from infusion of technology to revive production.

Throughout years of American and international sanctions on finance and technology transfers, Iran’s oil and gas industry is in a bad need for infusion of investments and assistance of large oil companies with the necessary knowhow to maintain production.

In early November Owji said that Iran needs $160 billion of investments to avoid becoming a net importer of oil and gas in the future.

Sanctions and Iran’s inefficient economic system have used up most of Iran’s oil income throughout the 43-year existence of the clerical government in Tehran, leaving its most vital source of wealth in need of serious rejuvenation.

Owji also said natural gas consumption is rising 10-12 percent annually in Iran while production cannot keep. Natural pressure is falling at many extraction sites and Iran needs superior technology to prevent fall in gas production.