Iran to drill second exploratory well at Caspian Sea

Iran will drill a second well in the deep waters of the Caspian Sea's Sardar-e Jangal gas field, the Khazar Exploration and Production Company's managing director stated.

The well is exploratory and will provide information about the field's existing well while new layers will be drilled into for exploration, Ali Osuli told the Mehr News Agency on Wednesday.

Osuli said Sardar-e Jangal's discovered layer holds reserves totaling two billion barrels of light crude oil, 500 million of which is extractable.

The Iranian Oil Ministry announced in December 2011 that Iran could discover huge gas reserves (1.4 trillion cubic meters) in a 700-metre depth of the Caspian Sea.

Then on May 10 it was announced that this field has a huge (eight billion barrels) oil reserves as well. Iran says the oil crude deposit in this (Sardar-e Jangal) field is worth $50 billion reserves.

/Trend/