But in past years Russia, Kazakhstan, Turkmenistan and Azerbaijan have successfully and increasingly extracted from hydrocarbon resources of the sea. The Caspian Sea holds as much as 44 billion barrels of oil reserves which is estimated to be worth over US $12 trillion.
Iran is the world's fifth-largest crude exporter and most of its existing reserves located in its southeast and offshore in the Gulf. As it is adjacent to the south and deepest part of Caspian Sea, extracting oil from that area demands modern technologies and updated drilling instruments which became available from nearly a year ago.
But the plan was implemented by the new Amir-Kabir rig, formally Iran-Alborz semi-submersible drilling rig in February which started primary exploration to estimate the amount of recoverable oil available in the region.
The Amir-Kabir rig can operate in depths of more than 3,300 feet with a maximum drilling depth of 19,685 feet. The drilling of the first oil well is to place at the dept of 1,550 meters in Iran's territorial waters. The move was the latest Iranian effort made to take a bigger stake of the natural resources of the sea.
However, many experts assert that Iran's delay in extracting from the region is due to its undefined share of Caspian Sea. Based on the latest reports, the four neighboring countries of Iran are discussing to reach an agreement for their own stakes and then will press Iran to accept the deal.
The analysts say the Islamic Republic must propose to hold a meeting on the issue. Once the share of all neighboring countries defined, Iran will be able to defend its own right.
But none of the Iranian officials are ready to comment on the issue. Reacting to the questions raised by Khabar Online correspondent, the directors of the Caspian Oil Company said: "The case of drilling in Caspian Sea is so sensitive and we are not authorized at all to answer the related questions!"
The latest figures given on the oil and gas production in Caspian Sea countries may be a source of concern for Iran which has recently taken first steps to drill in the region.
Currently, Russia, Kazakhstan, Turkmenistan and Azerbaijan are pushing to raise their oil production from the sea. Furthermore, the proposed Trans-Caspian oil and gas project would allow western markets easier access to Kazakh oil, and potentially Uzbek and Turkmen gas as well.
Now Russia has a monopoly on westward-bound hydrocarbon exports from the region. Russia is the world's biggest energy producer, holding over 23 percent of the world's gas and 6.3 percent of the world's oil.
An intense investment and development undertaken by international oil companies has also helped these countries to boost their political ties particularly with the West. However, the current disputes along Azerbaijan's maritime borders with Turkmenistan and Iran could potentially affect future development plans.
All these may overshadow the oil policies of Iran in the region, unless the Islamic Republic's oil officials adopt an accurate diplomacy for producing oil and gas, something which is deeply needed at the moment.
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