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Iran to determine its oil and gas reserves in Caspian Sea next year

Iran Materials 1 September 2011 14:44
Iran will be able to announce about efficiency of exploration drilling in the Caspian Sea by the end of the Iranian calendar year (ends on March 20, 2012).

Azerbaijan, Baku, Sep. 1 /Trend/

Iran will be able to announce about efficiency of exploration drilling in the Caspian Sea by the end of the Iranian calendar year (ends on March 20, 2012), said an official close to the situation, Fars News Agency reported.

"Iran is currently engaged in drilling two exploration wells, which will enable to determine existing and prospective volumes of gas and oil reserves in its part of the Caspian Sea.

Iran announced the resumption of exploration drilling in the Caspian Sea on July 18 after resolving a number of financial problems.

Iran commenced drilling the first well on the Amir Kabir platform in the Caspian Sea in mid-February 2010. Drilling three exploration wells on this platform is planned on the first stage. Iran is carrying out drilling operations to specify its hydrocarbon reserves.

Iran is the OPEC's second largest oil producer and stands for the world's second largest gas reserves after Russia.

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