KEPCO not to wait for foreign firms to develop Caspian Sea oilfields: CEO

TEHRAN, Jan. 20 (MNA) – The CEO of Khazar Exploration and Production Company (KEPCO) said his company would welcome the presence of powerful foreign companies in the development of oil industry in the Caspian region, but would not wait for them.

"Better results could be expected if foreign companies joined the oil and gas projects in the Caspian Sea region, but we would not wait for them and continue executing projects by relying on domestic capabilities,” Shana quoted Ali Osuli as saying in a strategic meeting of the company, which was attended by Reza Dehghan, deputy director of development and engineering at the National Iranian Oil Company.

He said KEPCO had signed a number of MoUs with foreign companies following the Joint Comprehensive Plan of Action (JCPOA), adding that if the companies never show up for working in the projects, KEPCO will continue its operations by relying on domestic capabilities.

"In the past, the country's authorities viewed the Caspian region fairly politically and from the security point of view, but today, given the actions and exploration activities of KEPCO, which led to the discovery of the Sardar Jangal Oilfield, the views of the authorities towards the Caspian Sea have shifted from a political perspective to an economic one,” he noted.

SHANA/MNA

News Code 141695

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