Iran plans to expand oil exploration in Caspian Sea

Iran plans to expand oil exploration in Caspian Sea

Baku, Azerbaijan, May 18

By Fatih Karimov - Trend: Iran plans to expand oil exploration operations in the Caspian Sea, an informed source told Fars news agency May 18.

In a bid to discover new oil and gas deposits in the Caspian Sea, other than the previously discovered Sardar-e Jangal field, Iran has started exploration operations at a hydrocarbon block, named Block 8-1, in the sea, the source added.

An exploratory well will be drilled to a total depth of 5,000 meters, compared to two wells that have been drilled to total depths of 2500 meters and 3000 meters in the Sardar-e Jangal field.

The new exploration operations are being conducted totally by Iranian companies.

The U.S. Energy Information Administration (EIA) in August 2013 assessed the proven and probable offshore oil and gas reserves of Iran in the Caspian Sea at 0.5 billion barrels and 1 trillion cubic foots (equals to 28.3 billion cubic meters) respectively.

Prior to that, British Petroleum released its annual report, putting Iran's all proven gas reserves at 33.6 trillion cubic meters in 2012, which indicates no change compared to 2011.

Iran's Oil Ministry has announced 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).

According to the Oil & Gas Journal, as of January 2014, Iran has an estimated 157 billion barrels of proved crude oil reserves, representing nearly 10 percent of the world's crude oil reserves and 13 percent of reserves held by the Organization of the Petroleum Exporting Countries.

Edited by CN

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