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Caspian Oil Swap More Viable Than Tapping Into Deposits

Caspian Oil Swap More Viable  Than Tapping Into DepositsCaspian Oil Swap More Viable  Than Tapping Into Deposits

Focusing on energy swap operations in the Caspian Sea is much more cost-effective than extracting oil and gas from its deepwater hydrocarbon deposits.
According to ISNA, although the National Iranian Oil Company is experienced enough to tap into offshore reserves, mostly located in the Persian Gulf, it is still deprived of the cutting-edge technical know-how to do drilling at a depth of 1,000 meters.
Reportedly, the cost of producing oil in the Persian Gulf is guesstimated to stand at $9 per barrel, yet when it comes to deepwater drilling, the costs rocket up three- to four-fold, that is why energy experts, including Oil Minister Bijan Namdar Zanganeh, believe that concentrating on swap deals in the region is more economical than extracting oil and gas.
 

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