Iran plans to invest $200 billion in the oil sector aiming to develop the industry using new technologies, said a senior government official.

The government has been seeking progress in industrial sectors such as steel as well as oil and gas recovery, First Vice President Es'haq Jahangiri was quoted as saying in the Iran Daily report, which cited Shana.

"We need to re-establish our status in technological development by focusing more on the elites and scientists so that they can play their role better in the country's progress," he added.