SHANA - Khazar Exploration and Production Company (KEPCO) is in talks with leading energy giants from across the globe to lure them into investment and development of oil fields in big depths of water in Iran’s sector of the Caspian Sea, the company's CEO says.

Mohsen Delaviz said no international firm has officially signaled readiness to develop projects in Iran's sector of the Caspian Sea with KEPCO, adding, however, the company is acting based on its predefined duties and is holding talks with international companies and foreign investment funds for ensuring financing of projects in Iran.

He said KEPCO has recently formed a specialized investment committee for pursuing negotiations with companies in a targeted and effective manner.

KEPCO is a subsidiary of National Iranian Oil Company (NIOC) and is concerned with development of projects in the Caspian Sea.

He said investments in offshore oil and gas fields are expected to rise by 130% in the next five years reaching an estimated $260b.