Petrobras to look for oil in Iran’s share of Caspian Sea

Press TV – Brazil has voiced interest in looking for hydrocarbon reserves in the Iranian share of the Caspian Sea.

This was announced by Brazil’s Ambassador to Tehran Rodrigo de Azeredo Santos in a meeting with Yousef Etemadi, the acting managing director of Iran’s Khazar Exploration and Production Company (KEPCO).

Santos emphasized that Brazil’s Petrobras was ready to cooperate with the National Iranian Oil Company (NIOC) and its subsidiary companies like KEPCO in conducting exploration operations in the Caspian Sea.

He further emphasized that this would be in line with the discussions that Brazil’s Energy Minister Fernando Coelho Filho had with Iran’s Petroleum Minister Bijan Zangeneh during a recent visit to Tehran.

Etemadi, for his part, said KEPCO had been able to obtain an extensive experience in studying the hydrocarbon prospects in the Caspian Sea, but would nonetheless appreciate the opportunity of cooperating with global energy corporations in finding oil and gas reserves in the sea.

He also emphasized that KEPCO was satisfied with previous instances of cooperation with Petrobras.

The Brazilian state company was involved in the exploration of Iran’s Tusan block in the Persian Gulf. However, it announced in 2009 that the project was not economically feasible.

It had also won a deal from the NIOC to look for oil and gas reserves in a block in the Caspian Sea but declared – again in 2009 – that it would not begin the exploration operations.

This was because, as Reuters reported, the block it had targeted “appeared to hold mostly natural gas, rather than oil, in an area that did not have the necessary infrastructure for gas production”.