TEHRAN – Iran-Khazar Drilling Rig has earned Iran over $19 million in foreign currency, noted an official with the nation’s North Drilling Company (NDC).

Being the only drilling rig in the Caspian Sea region, it earns the nation a significant amount of revenues Esfandiar Jahangiri said.

The rig is currently working at the depth of 461 meters in Turkmenistan, he went on to say, adding that during the 10 months of its activity in the Caspian Sea littoral state, it has been able to drill five wells.

Referring to Iran’s drilling operations in the Caspian Sea, he explained that the North Drilling Company is waiting for the much-awaited Iran-Alborz drilling rig to be built by Iran’s Shipbuilding Company Sadra Group.

However, he maintained, given the limited number of the drilling projects in the Caspian Sea region, it is more economical to import them rather than to build the expensive equipment.