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Iran and Azerbaijan intensify cooperation in the Caspian

Iran hopes that economic relations with foreign investors will allow it to use its massive oil and gas reserves in the Caspian Sea.

09.Aug.17 11:03 PM
By Swan


Iran and Azerbaijan intensify cooperation in the Caspian

In March, the governor of KEPCO (Khazar Exploration and Production), which oversees the development of deposits in the Iranian sector of the Caspian Sea, appointed Mohsen Delaviz. The large-scale restructuring of Nioc began after the lifting of international sanctions against Iran in January 2016.

Earlier this year, Nioc included three exploration areas in the Caspian Sea, as well as the Sardar-Jangal project, a list of projects that could be developed with the participation of foreign investors on the terms of the IPC (Iranian oil contract). The project was delayed due to sanctions, which limited access to technology and financing of projects in the Caspian. Now we are talking about the cooperation between Iran and Azerbaijan regarding developing this field.

According to the US Energy Information Association, between 2000 and 2012, Turkmenistan produced more than 70 billion cubic meters of natural gas from the Caspian basin, followed by Russia, Kazakhstan, and Azerbaijan. Iranian production was not presented.

The Caspian region, one of the oldest oil producing regions in the world, is becoming an increasingly important source of global energy production. Proven and probable reserves amount to approximately 48 billion barrels of oil and more than 8 trillion cubic meters of natural gas.

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