Iranian Oil Minister Gholam-Hossein Nozari said that the country intends to drill an exploratory well in the Caspian Sea, as the initial step for the construction of the Iran-Alborz semi-submersible drilling rig.

Nozari said that matters related to the Caspian Sea legal regime have been taken into concern and he sees no problem in taking this action.

Two Iranian companies are presently executing feasibility studies for the exploratory well project.

Proven reserves in the Caspian Sea are projected to be between 15 to 29 billion barrels of oil and a further 100 billion barrels may be present.

The Caspian Sea borders Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan.