Tehran – APA. Iran plans to start excavation in its northern oil-rich region, Caspian Sea, beginning on May 15. This will make Iran’s first time oil exploration in Caspian Sea, said Iran’s North Drilling Company Managing Director Asghar Rafiei adding President Mahmoud Ahmadinejad will be present at the inauguration whether directly or through videoconference, APA reports quoting ISNA.
Iran will first drill two exploration wells in the location and then will develop the oilfield and hopes it will enjoy oil and gas reserves in the sea like other littoral states.
Iran-sector of the Caspian is not so rich in hydrocarbon resources.
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