TEHRAN, May 6 (PEDCO) - In a recent meeting between the CEOs of Khazar Oil Company and PetroIran Development Company (PEDCO), the two parties discussed potential areas of collaboration in the development of joint oil blocks, technology acquisition, and investment in the Caspian Sea region. A memorandum of understanding (MoU) outlining technical and knowledge-based cooperation will be drafted as a result of the discussions.
The session, held on Tuesday, May 6, 2025, included key executives and experts from both companies, focusing on strategies for the development of Caspian Sea oil fields and the practical solutions required for their advancement.
Mohammad Hossein Daneshfar, CEO of Khazar Oil Company, presented the company’s plans, which include the development of shared oil blocks, strengthening the drilling fleet, completing production infrastructure, and acquiring the necessary technologies for deep-water operations.
He also emphasized contractual incentives aimed at attracting investors to the region.
Ali Daghayeghi, PEDCO CEO, expressed his satisfaction with the discussions and confirmed that his company is ready to play a significant role in realizing Khazar Oil’s development goals by leveraging its technical capacity and expertise.
He also proposed that knowledge-based collaborations be prioritized to address the technological challenges in the sector.
Outcomes of the meeting included the establishment of a joint working group to draft the MoU covering technical cooperation, investment opportunities, and the exploration of separate agreements for knowledge-based and technological partnerships.
Additionally, the implementation of projects will be pursued with financing from the National Development Fund.
It is worth noting that, in line with the National Iranian Oil Company’s focus on developing Caspian Sea fields this year, an MoU has already been signed between the company and the National Development Fund to secure funding for the region’s projects.
These collaborations are expected to play a crucial role in harnessing the hydrocarbon reserves in northern Iran.