TEHRAN, Iran-- The National Iranian Oil Co. (NIOC) says Brazil's state-run Petrobras will invest at least $470 million to develop Caspian Sea reserves. According to NIOC, negotiations for cooperation between Iran and Brazil have been finalized and a contract is pending.
According to the Iranian Oil Ministry, Iran's IRI Economic Council has already approved. The contract will make Petrobras responsible for the risk involved in the operations in order to secure a share in the sale proceedings.
NIOC says the Brazilian company will drill three wells in blocks 6 and 29 of the Caspian Sea and in Iran's territorial waters. Petrobras wants to be a service provider in Caspian Sea's deep offshore drilling.