• $ 90.41 +0.95
  • 99.28 +1.31
  • BR 89.94 -0.19%

Tehran negotiating with Baku for deep-water drilling in Caspian Sea

Iran is negotiating with leading international oil companies that are actively engaged in deep-water drilling under joint projects with Azerbaijan’s SOCAR state-run company in Caspian Sea, Hossein Esmaeili Shahmirzadi, Director General for USA, Europe and Caspian States at Iran’s Oil Ministry, told Trend.

According to the Iranian official, final talks will be held by joint Iranian-Azerbaijani committee to be set up shortly.

“The sides show political will to cooperate in development of coordinated blocks in Caspian Sea,” he said. After President Hassan Rouhani’s latest visit to Baku, a new chapter of cooperation in oil and gas sector has opened, and Tehran and Baku continue working to establish a joint oil company, Shahmirzadi said.

The Iranian official assured that nothing holds his country from deep-water drilling to explore hydrocarbon reserves in the Caspian Sea. Iranian drilling rig Amid Kabir that is a unique platform is located in Caspian Sea, and Azerbaijan has some equipment there as well, he told Trend.

Amir Kabir semi-submersible drilling rig weighs 14,700 tons. The rig’s operating water depth is 1000m and drilling depth from sea bed is 6,600 m. The joint company will be created under a Memorandum of Understanding signed between Energy Ministry of Azerbaijan and Oil Ministry of Iran to develop relevant blocks in Caspian Sea. The document was signed on March 28, 2018 during Iranian president’s visit to Azerbaijan.

The oil and gas agreement between Iran and Azerbaijan provides for development of two blocks in Caspian Sea, including Araz-Alov-Sharg exploration of which was frozen until the two countries agree on Caspian status, Trend reported.


All news








Show more news