Brazil has agreed to set up a Joint Oil Committee with Iran, reported Fars News Agency.

Ali Osuli, managing director of the Khazar Exploration and Production Company (KEPCO), said his organization has been invited to the committee which will employ Brazil’s experience in deep-water drilling projects.

Previously the Brazilian Minister of Development, Industry and Foreign Trade, Armando Monteiro, has said that “Both countries are oil-rich and Brazil has valuable experience in deep-water oil production”.

According to Mehr News, Ali Osouli had told reporters on Saturday that the stepping stone of present talks had been laid by negotiations between Iran’s oil minister and Brazilian minister of energy and industry, and that with huge success of the Petrobras in deep-waters oil and gas explorations, both sides had agreed that a joint commission on oil and gas established.

“Khazar Oil Company will be a member of the commission; we will enjoy the Brazilian partner’s experiences and capabilities in deep-waters exploration; negotiations with Petrobras trace back to 2007-2010, which produced an MoU for explorations in two blocks of the Caspian Sea,” he explained.

“A committee has been established to examine the possibilities of bilateral partnership with Brazil in oil and gas sector; I hope that the committee will provide the grounds for a technology transfer in deep-waters exploration,” he added.