Caspian Sea oil exploration: Plans for The National Iranian Oil Company (NIOC) and The State Oil Company of Azerbaijan (SOCAR) to work together to expand existing and explore new oil and gas fields in the Caspian Sea moved one step closer this week after a delegation from NIOC affiliate company Khazar Exploration and Production Co. (KEPCO), met with officials from SOCAR.
“Iran and Azerbaijan can expand ties in the energy sector which can lead to developing bilateral economic relations,” SOCAR VP Khoshbakht Yusifzadeh said after the meeting. Three years ago, Iran announced that it had discovered a new field with reserves of 2m barrels of oil and 30bn m³ within its territorial waters.
Source: News.AZ