Iran not to suspend oil exploration in Caspian Sea

Oil&Gas Materials 16 July 2011 14:32 (UTC +04:00)

Azerbaijan, Baku, July 16 /Trend/

Iran's exploration activities in the Caspian Sea are in normal condition and it will continue without any obstacles, Mehr News Agency reported quoting Managing Director of Khazar Exploration & Production Co (KEPCO) Ali Ousoli as saying.

"The process of drilling wells is currently done by Amir-Kabir semi-submersible drilling rig while the necessary measures have been planned by the National Iranian Drilling Company and KEPCO to continue the drilling operation," he said.

The National Iranian Oil Company plans to launch the drilling of two new wells in the Caspian Sea deep waters.

Currently, the process of drilling exploratory wells for Iran in the Caspian Sea is on its final stages and according to studies two other wells will be developed in future.

Iran's Oil Ministry caretaker Mohammad Aliabadi stated earlier that exploration and production from hydrocarbon sources of Caspian Sea is on ministry's agenda.

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