Caspian Sea oil exploration operations underway

Tehran – Managing Director of Khazar Exploration and Production Company (KEPCO), a subsidiary of National Iranian Oil Company which handles exploration operation in the Caspian Sea region in Northern Iran, said exploration operations are underway in the region.

“Emphasized by the President [Hassan Rouhani] and the Oil Minister [Bijan Namdar Zanganeh] operations for developing and exploring hydrocarbon resources in the Caspian Sea [region] are underway,” Ali Osouli told Shana.

Mentioning President Rouhani’s recent talks with the presidents of the Caspian states, Osouli noted that Iran is pursuing joint projects for exploration and extraction of oil in the Caspian Sea.

“[In those talks] President Rouhani expressed hope that such discussions would be followed up on in joint economic committee meetings,” he added.

According to the official, KEPCO also has on the agenda to cooperation with knowledge-based companies specialized in deepwater explorations and also with the neighboring countries for executing exploration projects in the region.

Founded in January 1998, KEPCO is a subsidiary of NIOC which is mainly focused on oil and gas exploration and development operations in the South Caspian Basin in Iran’s territory.

The company is in charge of all the contracts signed by local and international companies regarding the exploration and development of hydrocarbon reserves in the area including the pertinent environmental matters.

The Caspian Sea is divided into three regions in terms of oil and gas reserves: Northern, Middle, and Southern Caspian. The Southern Caspian, which is in Iran’s territory, is the deepest with oceanic depths of over 1,000 meters (3,300 ft).

EF/MA

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