Iran and China Agree on Joint Oil Exploration

Iran's North Drilling Company (NDC) and the Hong Kong-registered China Oilfield Services Ltd. signed an oil-exploration agreement for management, repair, and maintenance of the Alborz semi-floating platform, currently being constructed by the Iranian Offshore Industries Company. A three-year contract with an estimated cost of $33 million will enable Iran, with China's help, to move its exploration activities to the deep waters of the southern Caspian. Until now, Iran has been unable to explore fields that were deeper than 90 meters.

(Source: Eurasia Daily Monitor)