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Iran negotiates development of Caspian oilfields with Russia, Norway, China

Tehran, July 25, Director of Khazar Exploration and Production Company (KEPCO) for international affairs Ramin Khodafarin announced on Tuesday that in the past several weeks joint meetings were held with representatives from active companies in the fields of drilling and exploration of oil and gas from Russia, Norway and China in order to consider cooperation opportunity in developmental activities in Caspian Sea.

Over past years, Petroleum Ministry paid its main attention to develop oilfields in the Persian Gulf, but considering elimination of sanctions and facilitation of participation for foreign companies the ministry put development of oilfields in Caspian Sea on its agenda to absorb necessary financial resources and technologies for drilling in deep water.

Khodafarin also announced formation of investment committee in KEPCO and said that the committee is to absorb capital and technology to fulfill development plans in Caspian Sea.

Source: Islamic Republic News Agency

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