Brazil’s Petrobras Likely to Explore Iran’s Caspian Sea

TEHRAN (FNA) – Brazil’s federal energy company Petrobras is in advanced talks with Iran to explore deepwater in the Caspian Sea, a senior Iranian oil official said.

The Caspian Sea holds at least 32 billion barrels of oil, according to the report.

“Brazilians will become the main contractor of exploration and drilling operations and development in Caspian oil and gas fields. The investment in Caspian waters may reach US$400 million-US$500 million,” Iran Daily quoted first deputy head of the National Iranian Oil Company (NIOC), Mohammad Javad Asemipour, as saying.

Iran’s first oil drilling operation in the Caspian Sea will begin this week, according to the paper.

“Until now, Iran has been unable to explore fields deeper than 90 m [295 feet],” Iran Daily said.