Talking to Mehr, Jalil Khebreh said that 60 percent of the platform is ready for exploitation.

Calculating $70 million for the extra charge, totally $270 million was invested in the project, said the official, however adding the platform is worth $450 million in the international market.

The project is completed in collaboration with the Chinese experts.

Khazar Oil Exploration and Production Company (KEPC) managing director said earlier this month that the Brazilian company Petrobras would explore and develop blocks 6 and 29 of the Caspian Sea oilfield.

Mohammad-Hossein Dana told PIN his company was negotiating with Petrobras to finalize the exploration and development contract. He scotched the rumors that the two sides were to finalize the contract on April 30.

“The depth of water in the area is between 750 and 1,000 meters,” said the official, justifying, “Since our country lacks enough deepwater exploration experience, we decided to enjoy the cooperation of Petrobras and other experienced companies.”

According to the contract, Dana added, Petrobras would be duty-bound to transfer the technology of deepwater exploration within maximum 10 years.

“The value of contract is 450 million dollars and it is increasable by 10 billion dollars when development projects are implemented,” said the KEPC chief.

Based on the agreement, Petrobras would explore the two blocks and its executive operations would start when the semi-floating Iran-Alborz drilling platform was constructed.

The building of semi-submersible oil drilling platform will end in the current Iranian year (ends March 20, 2008), said the managing director of Iran’s North Drilling Co. (NDC).

“As one of the most advanced semi-floating drilling rigs, Iran-Alborz is made by Iran Marine Industrial Co. (SADRA),” added Asghar Rafiei.

The project will be completed in collaboration with the Chinese experts.