Iran plans to drill first exploratory well in Caspian Sea

Oil Minister Gholam-Hossein Nozari has announced that Iran plans to drill an exploratory well in the Caspian Sea as the preliminary step for the construction of the Iran-Alborz semisubmersible drilling rig.
Issues related to the Caspian Sea legal regime which the five littoral states still have not finalized have been taken into consideration and there is no problem in this regard, the oil minister said on the sidelines of a contract signing ceremony in Tehran. Two Iranian companies are currently conducting feasibility studies for the exploratory well project, he added.

Proven reserves in the Caspian Sea are estimated to be 15-29 bn barrels of oil; and an additional 100 bn barrels may exist.
The Caspian Sea borders Russia, Iran, Azerbaijan, Kazakhstan, and Turkmenistan.