Iran intends to expand Caspian Sea oil explorations

Business Materials 30 March 2015 16:01 (UTC +04:00)

Baku, Azerbaijan, March 30

By Fatih Karimov - Trend: Iran's Khazar Oil Company intends to expand explorations in the Caspian Sea.

Ali Osuli, Managing Director of Khazar Oil Company, said that increasing exploration operations and making new investments are among the company's priorities, Iran's Shana news agency reported on March 30.

Making new investments, especially by companies which are capable of conducting exploration operations in deep waters, can expand activities in the Caspian Sea coast, he added.

In December 2014, Osuli said that no oilfield or gas field has been discovered so far in Iran's Mazandaran province, bordering the Caspian Sea.

He rejected the news, claiming that two large oilfields have been discovered in the province.

According to the Oil & Gas Journal, as of January 2014, Iran has an estimated 157 billion barrels of proved crude oil reserves, representing nearly 10 percent of the world's crude oil reserves and 13 percent of reserves held by the Organization of the Petroleum Exporting Countries.

Iran holds 17 percent of the world's proved natural gas reserves and more than one-third of OPEC's reserves.