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Brazil to drill for oil in Caspian Sea

Iran, Brazil to drill in Caspian

Brazil's Petrobras will sign a $450m deal with Iran in the coming days for oil exploration and development activities in the Caspian Sea.

Managing director of the Khazar (Caspian Sea) Oil Company, Mohammad Hossein Dana made the comment, adding," The value of the contract may be raised to $15-20b in future once the relevant master development plan is prepared."

The official described the contract as a major achievements of the Khazar Oil Company.

"The Brazilian company will be utilizing deep-water drilling technology, which we currently lack", he added.

"The need for environmental studies as well as inadequate infrastructure and equipment for the project have prolonged talks on the project", the official added.

Referring to Russian oil exploration and development activities in the Caspian Sea, he said," Iran is willing to cooperate with Russia in this regard and we welcome Russia's participation in this project."

He added," The Brazilian company has accepted the risks involved in the venture given the current political condition of the region".

Source: Press TV

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