Iran Says Reserves on 8 Blocks in Caspian Sea Considerable

The National Iranian Oil Company says there are considerable oil and gas reserves in eight out of 46 blocks in the Caspian Sea.

The company said contract has been signed with Oil Exploration Operations Company for completion of exploratory studies on the blocks, determination of their reserves, specification of the site for exploratory drilling operations and conduction of 3-D seismic surveys within a range of 2,500 square kilometers. Operations for transfer and procurement of vessels needed for 3-D seismic surveys are in final stages. The contract stipulates completion of the project in one year.