TEHRAN- Norway's ORG Company’s result of studies on four blocks in the Caspian Sea is promising for extraction of oil and gas reserves, according to Gholamreza Manouchehri, the deputy for development and engineering at the National Iranian Oil Company (NIOC).

ORG submitted the result of its studies related to Sardar Jangal and three other exploration blocks (24, 26 and 29) to the NIOC on Saturday.

ORG and NIOC signed a memorandum of understanding on November 1, 2017 on conducting studies on the blocks and the Norwegian company offered the results in less than the projected 6-month deadline to the Iranian company.

Addressing the meeting on submitting the study results, Manouchehri underlined ORG's experiences in deep-water drilling and cooperation with international energy majors in various projects, adding this would pave the way for technology transfer to Iranian companies.

While extraction of oil and gas from the Caspian deposits requires high technology and huge investment as it needs deep-water drilling, it seems to create an opportunity for Iran to achieve such know-how.

MA