National Iranian Oil Company and its subsidiaries in the Caspian Sea are almost in final stage of talks with bidders on the development of oil and gas blocks in the oil- and gas-rich sea, IRNA reported from Tehran.

An informed source said on condition of anonymity on Wednesday that a contract might soon be concluded for a project to develop such blocks as block eighth in the Caspian.

Iran has launched three-dimensional seismographic operations in the southern sector of the Caspian Sea, thus indicating its firm determination for development, exploration and production of oil and gas there.

Based on information available, Iran is to develop certain blocks in southern waters of the Caspian Sea in cooperation with other oil companies.