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Caspian Sea well drilled by Iran to produce 1,400 barrels of light oil

Iran Materials 19 May 2012 14:01 (UTC +04:00)

Azerbaijan, Baku, May 19 / Trend M. Moezzi /

The exploration well Iran drilled in the Caspian Sea is expected to produce as much as 1,400 barrels of light oil.

There are no exact figures yet about just how much oil the newly discovered field holds, but estimates says 1,300 to 1,400 barrels of high quality light oil could come from the first well, Fars news agency quoted North Drilling Company (NDC) Managing Director, Hedayatollah Khademi, as saying.

Next week, the managing director of Dragon Oil Company will travel to Iran to sign new contracts, Khademi said. Dragon Oil, a UAE-owned company has a contract with NDCO to drill 30 oil wells in Turkmenistan's shallow waters.

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