KEPCO Won’t Wait for Foreign Firms: CEO

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KEPCO Won’t Wait for Foreign Firms: CEO
TEHRAN (Shana) The CEO of Khazar Exploration and Production Company (KEPCO) said his company would welcome the presence of powerful foreign companies in the development of oil industry in the Caspian region, but would not wait for them.

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According to KEPCO, Ali Osuli told a strategic meeting of the company, which was attended by Reza Dehghan, deputy director of development and engineering at the National Iranian Oil Company, that: "Better results could be expected if foreign companies joined the oil and gas projects in the Caspian Sea region, but we would not wait for them and continue executing projects by relying on domestic capabilities.”

He said KEPCO had signed a number of MoUs with foreign companies following the Joint Comprehensive Plan of Action (JCPOA), adding if the companies never showed up for working in the projects, KEPCO would continue its operations by relying on domestic capabilities.

The CEO of Khazar Exploration and Production Company said: "In the past, the country"s authorities viewed the Caspian region fairly politically and from the security point of view, but today, given the actions and exploration activities of KEPCO, which led to the discovery of the Sardar Jangal Oilfield, the views of the authorities towards the Caspian Sea have shifted from a political perspective to an economic one.”

 

Jan 16, 2019 13:17
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KEPCO amid many other companies is a subdivision of National Iranian Oil Company (NIOC) founded in January 1998. KEPCO is an authority in exploration, development and production of oil and gas in Iran concerning South Caspian Sea and three littoral provinces of Golestan, Mazanderan and Gilan in Iran. KEPCO supervises all the contracts signed by local and international companies regarding exploration and development of hydrocarbon reserves in the area including the pertinent environmental matters. KEPCO is committed to the development of Caspian Sea oil and gas reserves as well.