The National Iranian Oil Company exported $50 billion worth of oil in the last fiscal year that ended in March 2018.
Habibollah Bitaraf, Iran's deputy oil minister for research and technology, made the statement during a panel discussion on the 1st Asset Integrity Management in Oil and Gas Conference in Tehran on Monday.
"Oil and petrochemical products accounted for 70% of the country's total exports that stood at $95 billion in 2017," ISNA quoted Bitaraf as saying.
According to Bitaraf, $20 billion worth of petrochemical commodities were sold in international markets during the period.
"The value of NIOC's assets is estimated to be $400 billion, of which $50 billion belong to the offshore sector that are in the second half of their life cycle," he said.
The official noted that the assets, mostly equipment, are becoming obsolete and they are in danger of corrosion and if such economic resources are damaged, the company will incur massive losses that will adversely affect oil production expenses.
"Presently, crude extraction costs in Iran are lower than other oil-rich states," he said, adding that oil prices are volatile and there is no guarantee that they remain stable for a long period.
Bitaraf noted that being equipped with high-tech equipment plays a key role in the sector, as outdated facilities make the business economically non-viable.
"Iraq's crude oil production has almost doubled to more than 4.5 million barrels per day from 2.4 million bpd at the start of the decade, overtaking sanctions-hit Iran as the second biggest producer of the Organization of Petroleum Exporting Countries," he said.
Iran’s oil exports hit 2.7 million bpd in May, the news portal of Iran's Oil Ministry said, representing a record high since the lifting of international sanctions on Tehran in 2016.
