Iran, Azerbaijan sign protocols for joint development of Caspian Sea field

The presidents of Iran and Azerbaijan have signed protocols for possible development of a jointly owned deepwater oil field in the Caspian Sea, citing a report in Iran Petroleum, news service Shana reported. The name of the field was not disclosed.

If ratified, the two countries would produce oil on a 50-50 joint venture. National Iranian Oil Co. assigned Khazar Exploration & Production Co. (KEPCO) to work on Iran’s behalf.

KEPCO Chief Executive Officer Mohsen Delaviz said the development would cost at least $10 billion. Delaviz expects finalizing the agreement with SOCAR could take 2 years, followed by 3-4 years for development.

The Caspian Sea is shared by Iran, Russia, Azerbaijan, Turkmenistan, and Kazakhstan.