Tehran, Iran, April 23
By Milad Fashtami - Trend:
Iran needs to facilitate exploratory operations in the Caspian Sea.
Khazar Exploration and Production Company (KEPCO) director for exploration affairs Yousef Etemadi said that Iran needs to do so in order to stabilize is position as one the region's main holders of hydrocarbure reserves, Iran's IRIB News Agency reported on April 23.
Etemadi went on to note that Iran's possession of the Sardar-e Jangal field "was confirmed" in an oil and gas exhibition in Azerbaijan last year.
Iran's deputy oil minister, Ali Majedi, said on Mar. 16 that the country will continue drilling new oil and gas wells in its territorial waters on the Caspian Sea, Iran's Mehr News Agency reported.
"Carrying out projects in deep waters of Caspian Sea is among the ministry's top priorities," he explained.
He went on to note that Iran is the only country in the Middle East that possesses deep water drilling technology.
According to Majedi, developing Sardar-e Jangal field, located in northern Gilan province, is among the top priorities in the Caspian Sea region.
Etemadi, said in March that by drilling the second exploration well at Sardar-e Jangal field, oil was discovered at depth of 2440 meters, adding that exploration drilling at Sardar-e Jangal field will be completed till June 2014.
According to the latest announcement, Iran's Oil Ministry claimed that the Sardar-e Jangal field's discovered oil and gas layers hold in total two billion barrels of light crude oil alongside with 50 trillion cubic foots of gas reserves (equals to 1.4 trillion cubic meters).