Iran is negotiating with Russian, Chinese and Norwegian companies to explore and develop the oil fields in the Caspian Sea. This was stated by Ramin Khodafarin, Director On International Affairs of Khazar Exploration and Production Co (KEPCO).

According to him, in recent weeks the meetings were held with representatives of leading companies in drilling and exploration of oil and gas from Russia, China and Norway. During these meetings, the possibility of cooperation in exploration and developing oil fields in the Caspian Sea was discussed.

In recent years, the Iranian Ministry of Oil paid special attention to the development of oil fields in the Persian Gulf, but considering the sanctions elimination and the facilitation of the foreign companies participation, the ministry put development of oil fields in the Caspian Sea on the agenda to develop the necessary financial resources and technologies to drill in deep sea.

At present, oil reserves are found at 2500 m depth in the Sardar-e Jangal field in the southern part of the Caspian Sea.