The National Iranian Oil Company has discovered new oil deposits in southwestern Iran using modern methods developed by science-based companies, said Mehdi Fakour, director of the exploration department of the National Iranian Oil Company, IRNA reported.

Studies carried out by international organizations have shown that three countries Russia, Iraq and Iran will carry out the most exploration in the future, while exploration in other countries in the region will be completed, Fakour told a news conference.

He added that these three countries will therefore be among the leading nations in terms of attracting foreign investment and continuing to produce oil and gas.

"One of the unique works being carried out in Iran is airborne magnetometry at depths of up to 7,000 meters in the bowels of the earth to detect changes in sedimentary rocks, which has been carried out for the first time in the country using light aircraft," the official noted.

According to him, the Islamic Republic has started cooperation with four countries including Tajikistan in conducting exploration works.

He noted that about 14 exploration blocks have been identified in Iran, but none of them have been invested in due to tough sanctions against the country.