TEHRAN, Nov. 07 (Shana) � Iran and Brazil have agreed to set up a Joint Oil Committee to expand bilateral cooperation as new round of negotiations with Petrobras started discussing deepwater exploration and drilling, said managing director of the Khazar Exploration and Production Company (KEPCO).

Ali Osuli said KEPCO has been invited to the committee which will employ the Brazilian firm�s experience in deepwater drilling projects.
The CEO said his company and Petrobras signed an MoU between 2007 and 2010 which was suspended after exploration of new oil and gas fields in North America.

Earlier, Osuli said Iran is going to unveil four projects related to oil and gas fields in its Caspian Sea waters.

�Four exploration, production, and development projects including development of Sardar Jangal field will be introduced to participants of the upcoming Iran Petroleum Contracts conference� which will be held in Tehran on November 28-29, Ali Osuli told Shana.

Two projects will be on exploration and the remaining two on production and development of the fields, he added.

Iran Ready for Energy Cooperation with Brazil�

In October, Minister of Petroleum Bijan Zangeneh said Iran is interested to develop its relations s with Brazil and is also ready for cooperation with the Latin American country in various fields of energy including LNG and deepwater drilling.

�Both countries are oil-rich and Brazil has valuable experience in deep-water oil production,� he said at a meeting with the visiting Brazilian Minister of Development, Industry and Foreign Trade Armando Monteiro.
�Iran needs Brazil�s experience in deepwater drilling in order to use them for producing oil in the Caspian Sea,� the Iranian minister added.

By SHANA