Iran starts drilling second exploratory oil well in Caspian
The National Iranian Oil Company (NIOC) has said it began drilling a second exploratory oil well in the Caspian Sea's deep waters. The well is needed to further determine the Sardar-e Jangal field's hydrocarbon reserves.
The Amir Kabir Semi Submersible Drilling Rig has been moved to a new location at the field and pre-anchoring and anchoring operations are in their final stages, Mehr news agency reported.
No foreign companies are involved in the operations.
According to preliminary estimates, Sardar-e Jangal's discovered layer holds reserves of two billion barrels of light crude oil, 500 million of which is extractable.
The Iranian Oil Ministry said in December 2011 that Iran could discover huge gas reserves -- totaling 1.4 trillion cubic meters -- 700 meters below the Caspian Sea at Sardar-e Jangal. Later, in May 2012, it was announced that the deposit also has huge oil reserves, in the amount of eight billion barrels. Iran says the crude oil reserves are worth $50 billion.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!