Iran behind Caspian states in crude oil and lease condensate, natural gas reserves - EIA

Business Materials 28 August 2013 11:43 (UTC +04:00)

Azerbaijan, Baku, August 27 / Trend, S. Isayev

According to the U.S. Energy Information Administration (EIA) Eastern Bloc Research Energy Databook report, Iran is second from the bottom among its Caspian neighbors in crude oil and lease condensate reserves.

According to the report, Iran holds 0.5 billion barrels of crude oil and condensates offshore in Caspian sea, which is second lowest among other Caspian sea states.

Regarding onshore reserves, according to the report, Iran's figure is too small, yet stands above zero.

In case with natural gas, Iran holds equal amount of 1 trillion cubic feet of gas both offshore and onshore of Caspian Sea, making it the country with least of reserves among other Caspian states.

Using field-level data, EIA estimates 48 billion barrels of oil and 292 trillion cubic feet of natural gas in proved and probable reserves in the wider Caspian basins area, both from onshore and offshore fields.

EIA estimates 41 percent of total Caspian crude oil and lease condensate (19.6 billion bbl) and 36 percent of natural gas (106 Tcf) exists in offshore fields.

In general, the bulk of offshore oil reserves is in the northern part of the Caspian Sea, while the biggest quantity of offshore natural gas reserves is in the southern part of the Caspian Sea.

Almost 75 percent of oil and 67 percent of natural gas reserves are located within 100 miles of the coast.

Iranian oil ministry announced in 2011 that Iran has discovered an oil-gas field called Sardar-e- Jangal. Iran has claimed the field holds 50 trillion cubic meters of gas, along with 2 billion barrels of oil. Thus far, none of valuable international energy organizations have confirmed the fact.

BP reported in its annual report, published in early May 2013 that Iran's gas reserves remain unchanged from 2011 to late 2012, indicating 33.6 trillion cubic meters of gas.