Iran to restart drilling in Caspian Sea

Oil&Gas Materials 18 July 2011 17:41 (UTC +04:00)

Azerbaijan, Baku, July 18 /Trend/

Iran resolved financial problems in process of drilling exploratory wells and will restart to drill in Caspian Sea on Thursday, Fars News Agency reported quoting a knowledgeable resource as saying.

"After a short suspension due to financial problems the drilling of exploratory wells starts on Thursday," he said.

The drilling is currently carried out by Amir - Kabir semi - submersible drilling rig and it face no financial problems, Managing Director of Khazar Exploration & Production Co. (KEPCO) Ali Ousoli said.

Necessary measures have been taken by National Iranian Drilling Company and KEPCO to continue the drilling operation, he said.

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

The Caspian Sea holds 17-33 billion barrels of oil, and is estimated to give as much as 8,000 billion cubic meters of gas.

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