Iran in talks with Norway, Russia and China on Caspian oil projects

Business Materials 25 July 2017 19:33 (UTC +04:00)

Baku, Azerbaijan, July 25

By Emil Ilgar – Trend:

Iran has negotiated with Russian, Chinese and Norwegian companies during last weeks on development of Caspian Sea oil and gas projects, the head of international department at Khazar Exploration and Production Co. (KEPCO), Ramin Khodafarin told IRNA.

He didn’t mention the name of those companies, but Russian Lukoil and Norwegian Statoil have had negotiations with Iran over Caspian projects after removal of sanctions.

Khodafarin said that development of Caspian projects with high risks needs progressive technology and huge amount of investment.

The depth of water in Iranian section of the Caspian Sea reaches about 1,000 meters.

Iran has offered four projects in the Caspian Sea – blocks 24, 26 and 29 as well as Sardar-e Jangal oil field – to foreigners for exploration and development.

Khodafarin said Iran hasn’t included Caspian projects in its priorities list.

Russian Lukoil’s CEO Vagit Alekperov said in June that his company plans to study the possibility of working with Iran on the Sardar-e Jangal field. Lukoil is also negotiating with Iran over development of the onshore Ab Teymour and Mansouri oil fields.

Hohsen Delaviz, the head of KEPCO, said in May that Norwegian firms will help Iran in Caspian Sea offshore drilling and exploration projects. He didn’t mention any names.