After winning the international tender offered by the National Iranian Oil Company for the building of the Iran-Alborz platform in 2002, the Sadra Group, with a 9% share, started the project in a joint venture with the GVA, which held a 5% share.
Iran’s Khazar Oil Company informed in 2008 that the first well will be drilled by the Iran-Alborz platform at the depth of 700 meters.
Iran has given preference to explorations of its territorial waters in the sixth largest enclosed body of water on the planet, expected to hold oil reserves of 17 billion to 44 billion barrels.
The maritime and seabed boundaries of Caspian Sea have to be demarcated between Azerbaijan, Iran, Kazakhstan, the Russian Federation, and Turkmenistan.
