Iran Restarts Exploratory Oil Drilling Operations in the Caspian Sea

Iranian Oil Minister Mohsen Paknejad has ordered the resumption of exploratory drilling in the shallow waters of the Caspian Sea in northern Iran, deploying the North Drilling Company’s rig at a depth of 70 meters.

The official directive was issued by Paknejad on Friday via video conference on the sidelines of the second day of the 29th International Oil, Gas, Petrochemical, and Refining Exhibition in Tehran, The Caspian Post reports citing Iranian media.

The exploratory drilling will reach a final depth of 5,077 meters in the Caspian Sea.

Regarding the estimated oil reserves in the Caspian Sea, Iran’s oil minister stated that no precise figures can be provided at this time. However, some calculations indicate the presence of over 600 million barrels of crude oil and 2 trillion cubic feet of gas in the region.

Paknejad added that the exploratory drilling operations in the Caspian Sea will be carried out by the North Drilling Company at a cost of $50 million.

The minister also addressed the gas pressure boosting project in the Asaluyeh field, located in the Persian Gulf in southern Iran, stating that contracts have been finalized and financing will be secured within the framework of these agreements, with operations set to begin soon.

Highlighting the determination of Iranian experts and engineers in executing various energy projects, Paknejad emphasized, “We will not wait for foreigners in any way and will rely on domestic expertise and the private sector.”

In another part of his remarks, Paknejad noted that gas and energy consumption in Iran has sharply increased in recent years, stressing the need to move toward consumption management and optimal energy use to address the issue.

Drilling in the deep-water section of the Caspian Sea had been halted since 2014, but the Oil Ministry plans to resume operations there following repairs to the Iran-AmirKabir semi-submersible platform.