News ID: 2960195 -

Iran to resume talks with Brazilian Petrobras on Caspian oil

TEHRAN, Nov. 07 (MNA) – Managing director of Khazar Oil Company has announced kicking off new rounds of talks with Brazilian Petrobras in oil and gas explorations in the Caspian Sea.

Ali Osouli told reporters on Saturday that the stepping stone of present talks had been laid by negotiations between Iran’s oil minister and Brazilian minister of energy and industry, and that with huge success of the Petrobras in deep-waters oil and gas explorations, both sides had agreed that a joint commission on oil and gas established; “Khazar Oil Company will be a member of the commission; we will enjoy the Brazilian partner’s experiences and capabilities in deep-waters exploration; negotiations with Petrobras trace back to 2007-2010, which produced an MoU for explorations in two blocks of the Caspian Sea,” he added.

“However, with the news of new hydrocarbon reservoir explorations in North America, the project fell into abeyance; now, with sanctions gradually removed, we have a resolution to resume from where we had left,” Osouli asserted. “A committee has been established to examine the possibilities of bilateral partnership with Brazil in oil and gas sector; I hope that the committee will provide the grounds for a technology transfer in deep-waters exploration,” he said.

Earlier this month, Bijan Namdar Zanganeh and Armando Monteiro had said Iran welcomed Brazil’s participation in the Caspian Sea thanks to its experiences in working in deep waters; notable joint venture of Iran and Petrobras had been in southern fields however, in Taftan oil reserves, which faced cold shoulders by the Oil Ministry officials, justifying the decision to terminate the partnership on the grounds that oil production in Taftan field was economically sound.

 

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