In a statement Cervero said, “[I plan] to visit Iran next week to sign a service contract. [Petrobras will] initial exploration of the Tulsan block in Iran with investments of US$34 million.”

“The investments will be made over a period of three to four years,” he added.

Cervero was alluding to Iran’s first ever offshore licensing round where the Brazilian firm won a PSC to explore oil in the 8,000 sq km Tulsan Block, which is in the Persian Block. The PSC is with the National Iranian Co.