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Iran’s new oil find in Caspian Sea may be a supergiant with 8-10 billion barrels

FNA. Iranian oil officials announced that the in-place reserves of a newly found oil field in the Caspian Sea may contain 8 to 10 billion barrels of oil—i.e., supergiant field class.

Managing director of Khazar Exploration and Production Company (KEPCO) Ali Osouli, announced that the newly oil layer found in the Caspian Sea is between 24 and 30 meters in thickness. Drilling operations continue in the field to find exact details.

The National Iranian Oil Company discovered the oil reserves at a depth of 2,460 meters in its territorial waters in the Caspian Sea during the development of a major gas field that contains 50 trillion cubic meters of natural gas, the production of which has been conducted by the state-owned company since last December.

After 104 years this is for the first time oil is erupted in Caspian Sea waters during drilling operations.

—Ali Osouli

Osouli said that the field is different from oil and gas layers located in the Persian Gulf, south of Iran, with respect to its layers.

The details of a newly-discovered big oil field in the Caspian Sea were announced by minister of petroleum Rostam Qassemi as he visited the Amir Kabir semi-submersible drilling platform.

Comments

HarveyD

One day, the Caspian Sea may have more oil then water in it?

Good find for Iran.

This discovery and the 40 billion barrels in the St-Lawrence River delta may push back peak oil a few more years.

ai_vin

I find it interesting that Iran finds this "new supergiant oil field" just as the rest of the world is getting tougher on it.

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