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Iran faces financial problem in Caspian Sea's oil & gas excavation

Oil&Gas Materials 12 July 2011 12:50
Iran faces financial problem in Caspian Sea's oil & gas excavation

Azerbaijan , Baku, July 12 /Trend/

Drilling in the Caspian Sea faces financial problems that would affect the future of Iran's excavations there, Fars News Agency reported quoting parliament's energy commission spokesperson Emad Hosseini as saying.

"Financial problems among employees and contractors affected the drilling in the Caspian Sea," he said.

Employees have not fulfilled their commitment concerning contractors; however, the National Iranian Oil Company continues the process of excavation in the Caspian Sea, he added.

The parliament's energy commission spokesperson Emad Hosseini also expressed recent dissatisfaction over the process.

"Unfortunately, Iran has not extracted oil and gas from joint fields in the Caspian Sea but we have not found a solution for this problem yet", he said.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves, after Russia.

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