Analysts say that should the merger occur, it would give the new company the deep pockets needed to develop complex offshore fields.

One of the largest offshore fields "Sangachal-deniz" was drilled several times since 1959, but success came only in 1965.

The unit holds stakes in 23 offshore fields and two on shore.

The reason, they say, is that it often takes seven years before a new offshore field begins producing.

Notably, most new resource expansion in Cuba has concentrated on petroleum deposits, including offshore fields.

Employees finished a production platform that would service Brazil's new offshore fields, located beneath 6,000 feet of water.

This was a world record at the time for bringing an offshore field on-stream from oil discovery.

The cut will apply to all offshore fields.

"The expansion of deepwater drilling is happening despite accidents in offshore fields."

For now, Iran is limiting these production-sharing deals to offshore fields.