Iran has signed a deal worth up to $35 million with China Oilfield Services Limited to drill the deep waters of the Caspian Sea, an executive of Iran's North Drilling Company (NDC) said in a television interview.

The Chinese company will be paid not only to drill in the 700-metre deep waters, generally considered by upstream experts as beyond Iran’s technical capabilities, but will train NDC staff over the next three years.
“The deal will be for three years and be worth some $34 or $35 million dollars,” NDC Managing Director Heydar Bahmani told state television.