Southern Caspian Sea could be opened to foreign drillers

National Iranian Oil Co. (NIOC) would welcome the involvement of foreign companies in deepwater drilling in the Iranian sector of the Caspian Sea, according to a report by Iranian news service Shana.

May 20th, 2014

Offshore staff

TEHRAN, IranNational Iranian Oil Co. (NIOC) would welcome the involvement of foreign companies in deepwater drilling in the Iranian sector of the Caspian Sea, according to a report by Iranian news service Shana.

Abdorreza Assadi, deputy head of NIOC for consolidated planning, said Russian and Swedish companies have voiced readiness to drill in the sector.

Iran has fared well with regards to exploration in the Caspian Sea, but it welcomes the cooperation of experienced and well-known companies for accelerating the development of fields in this region,” he said, particularly those with experience of deepwater drilling.

TheSardar-e-Jangal field in the Iranian part of the sea, currently undergoing appraisal drilling, holds an estimated 2 Bbbl of oil in place with a 25% recovery rate.

05/20/2014

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