Iran’s western region oil firm Khazar Exploration and Production Company (KEPCO) is in talks with major global energy firm to attract investment and development of offshore oil fields, the company said.
The company is holding talks with international companies and foreign investment funds for ensuring financing of projects in Iran, chief executive Mohsen Delaviz said, according to Shana news agency.
Investments in offshore oil and gas fields are expected to rise by 130 per cent in the next five years reaching an estimated US$260 billion, he said.
KEPCO has recently formed a specialised investment committee for pursuing negotiations with companies in a targeted and effective manner, he said.
The oil company is a subsidiary of National Iranian Oil Company (NIOC) focused on Caspian Sea projects development.
NIOC in early July signed the country’s first energy contract with a Western oil major since the lifting of sanctions. France’s Total and China’s CNPC agreed with NIOC to develop South Pars phase 11 under Iran’s new contract model; Iran Petroleum Contracts.
Iran has said it would need US$200 billion worth of investments in oil and gas projects in coming years to meet production targets. Most of the investment is marked to come from international companies.