Deep-water drilling tech needed for Azerbaijan-Iran JV – Deputy oil minister (Exclusive)

Oil&Gas Materials 6 May 2018 15:53 (UTC +04:00)

Tehran, Iran, May 6

By Kamyar Eghbalnejad - Trend:

The managing director of the National Iranian Oil Company (NIOC) hailed efforts by Baku and Tehran to form a joint venture to explore and develop hydrocarbon reserves in the Caspian Sea, stressing that deep-water drilling technology is needed to proceed with the oil company’s activities.

“There were some ups and downs on the way to form the joint venture, but they no longer exist,” Ali Kardor, who also doubles as the Iranian deputy minister of oil, said in an exclusive interview with the Trend news agency on May 6.

He added, “Currently, there is a clear roadmap ahead of the two countries.”

Defining clear terms for the agreement is of primary importance, Kardor said, urging both sides to seal a binding and comprehensive contract.

The Iranian deputy minister further said that new technology and equipment for deep-water drilling is needed for the exploration of hydrocarbon reserves in the Caspian Sea.

The announcement over the formation of the company was made by Amir Hossein Zamaninia, Iran’s deputy petroleum minister for international affairs and trading.

Zamaninia was quoted by Trend as saying that the company will be formed within the deal recently signed between the two parties.

Last month during a visit of Iran’s President Hassan Rouhani to Azerbaijan, the two countries signed "The Memorandum of Understanding on "Joint Development of Relevant Blocks in the Caspian Sea".

"According to the signed document, a joint oil company should be established between the two countries, and we are now seeking to establish it," Zamaninia said, adding that the deal will come into force in coming days.