Iran solely owns deep-water drilling technology in region

Iran Materials 9 January 2012 15:06 (UTC +04:00)

Azerbaijan, Baku, Jan. 9 / Trend F.Milad/

Iranian Oil Minister Rostam Qasemi has said that Iran is now the sole country in the region which has found access to the technology to drill wells in deep waters, the Fars news agency reported.

The huge gas field, named Sardar Jangal, which has been recently discovered in Iran's territorial waters in the Caspian Sea, has the capacity to produce 880,000 barrels per day (bpd) of crude oil, a member of the Iranian parliament (Majlis), Asadollah Abbasi, told the Fars news agency.

"The field holds an estimated 8 billion barrels of crude oil, the managing director of Khazar Oil Company announced in December 2011.

"An exploratory well has been drilled in the gas field to give new details on its hydrocarbon reserves," the Shana new agency quoted Ali Osouli as saying.

The gas field holds at least 50 trillion cubic feet (some 1.4 trillion cubic metres) of reserves. The field, in waters 700 metres deep, lies wholly within Iran's territorial waters, Oil Minister Rostam Qasemi explained.

He added excluding this new discovery, Iran has 11 trillion cubic metres of proven gas reserves in the Caspian Sea.