TEHRAN - Iran’s Khazar Exploration and Production Company (KEPCO) is cooperating with domestic knowledge-based companies for the Caspian Sea oil exploration operations, Head of KEPCO’s Department of Geology Farid Taati said.

According to Taati, exploration operations are currently underway in the region, Shana reported on Saturday.

KEPCO, which handles exploration operation in the Caspian Sea region in northern Iran, signed research-based deals with domestic companies in the Iranian calendar year of 1398 (ended in March 2019) to carry out exploration operation in the area, the official said.

The signed deals include a contract with Pars Geology Research Center for exploring the mechanisms of formation of mudflats and their effects on the creation of hydrocarbon reservoirs using remote sensing technology in South Caspian Basin and another with Tavana Energy Company for modeling of sedimentary basin and determination of the delta yield range and reservoir rock expansion in the Southern Caspian region, he explained.

Referring to the 20 percent progress of these projects, the official said: "Part of the mentioned research projects is at the sea for which most of the activities are carried out with the help of remote sensing technologies and satellite images and using seismic lines.”

Back in December 2019, KEPCO Managing Director Ali Osouli said that his company was going to cooperate with knowledge-based companies specialized in deep-water explorations and also with the neighboring countries for executing exploration projects in the region.

Founded in January 1998, KEPCO is a subsidiary of NIOC which is mainly focused on oil and gas exploration and development operations in the South Caspian Basin in Iran’s territory.

The company is in charge of all the contracts signed by local and international companies regarding the exploration and development of hydrocarbon reserves in the area including the pertinent environmental matters. 

The Caspian Sea is divided into three regions in terms of oil and gas reserves: Northern, Middle, and Southern Caspian. The Southern Caspian, which is in Iran’s territory, is the deepest with oceanic depths of over 1,000 meters (3,300 ft).

EF/MA