Iran's Oil Ministry reported that Brazil may be interested in extending support to the exploration and production side of the sector in the Persian Gulf.

Brazilian Energy Minister Fernando Coelho Filho met this week in Tehran with his Iranian counterpart, Bijan Zangeneh. According to SHANA, the official news site for the Iranian Oil Ministry, both sides discussed ways that Brazilian companies could offer support to activities off the Iranian coast.

"Petrobras explores oil and gas in a depth that goes to almost 4 miles down offshore of Brazil so we have a lot of knowledge and technology in this area and hopefully we can work together here as well," he was quoted as saying.

Brazil is expected to be second-only to the United States in terms of growth in oil production from countries outside the Organization of Petroleum Exporting Countries this year. Total oil production increased by 24,000 barrels per day to 2.69 million bpd in June, the last full month for which data are available. Most of Brazil's offshore oil reserves are referred to as pre-salt, meaning they are situated below a thick layer of salt on the ocean floor.

The Santos basin offshore Brazil holds between 700 million and 1.3 billion barrels of oil equivalent. Iran's South Pars gas field is among the largest in the world and the country is one of the top producers among OPEC nations.

Zangeneh said last month the government was in "serious" talks with both domestic and international companies on signing off on as many as 10 oil and natural gas deals by the end of the Iranian calendar year, which would be March 10. Isolated in part by sanctions, Iran has seen some economic doors open in response to a multilateral agreement that brought sanctions relief in exchange for stepping back from its nuclear research program.

Brazil's energy minister said a team from Petróleo Brasileiro, known also as Petrobras, was examining dates for a visit to Iran to explore investment opportunities.

Royal Dutch Shell, one of the first countries to do business with Iran in the post-sanctions environment. holds an interest in several oil reservoirs off the coast of Brazil. China is Brazil's top trading partner.

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