Iranian Oil Rig Sinks

Faced with US sanctions that prohibited the importation and use of key modern oil and gas extraction technologies, Iran has been trying to home-brew its energy services infrastructure.  How's it going?

LONDON - Iran Wednesday confirmed it was seeking ways to recover a natural-gas platform made by an affiliate of Iran's Revolutionary Guards after it sunk in the Persian Gulf, a setback for the country in its effort to cope with international sanctions.

Divers have been deployed to see how the $40 million, 1,300-metric-ton platform can be pulled up, in the giant South Pars field, the state-owned Pars Oil and Gas Co. Ltd., said on its website.

However, a full-scale recovery has yet to start because of unfavorable weather conditions in the Persian Gulf, it said.

The platform sunk to the bottom of the Gulf as it was being installed by POGC and its builder, Iranian Marine Industrial Co., or Sadra, which is controlled by the Guards.