The cooperation will be based on expanding and exploring oil and gas fields in the Caspian Sea. In line with the plan, a delegation from Iran’s Khazar Exploration and Production Co. (KEPCO), an affiliate to National Iranian Oil Company, held a meeting with the officials of SOCAR.

The first vice president of Azerbaijan’s state oil company SOCAR Khoshbakht Yusifzadeh said "Iran and Azerbaijan can expand ties in the energy sector which can lead to developing bilateral economic relations.”

Moreover, KEPCO’s director for exploration affairs, Yousef Etemadi, explained that during the meeting Iranian specialists exchanged views with Azerbaijani colleagues who have great experience in searching, exploring and developing offshore and onshore oil and gas fields, became familiar with technical and technological procedures conducted by them.

The Caspian Sea is rich in hydrocarbon resources and the littoral states of the sea have made great investment in developing oil fields in the region over the past years.

Iran’s Petroleum Ministry has in recent years attached special significance to the development of oil fields in the Caspian Sea.

Back in 2012, Iran discovered a new oil layer with in-place reserves of two billion barrels in Sardar-e Jangal oil and gas field off the shore of the northern Iranian province of Gilan in the Caspian Sea which contains quality crude that is toxic hydrogen sulfide-free.

The preliminary evaluations showed that Sardar-e Jangal field would produce some 8,000 barrels of oil per day and its gas reserves were estimated at 50 billion cubic feet - a quantity equivalent to Iran's total gas consumption over a 10-year period.