Less than a year after Iran discovered a huge gasfield in its territorial waters in the Caspian Sea, National Iranian Oil Company (NIOC) has reported a huge oilfield discovery in the same area.
According to Iran’s Minister of Petroleum Rostam Qasemi, the oil discovery was made in the course of exploration and appraisal of the Sardar-e Jangal gasfield, discovered last December in the Iranian sector of the Caspian Sea.
He said at the time of the announcement of the gasfield discovery that it contains some 50trillion cu.ft of natural gas reserves as well as condensate and 8-10 billion bbl of oil.
The Sardar-e Jangal oil find was achieved after drilling eight exploration/appraisal wells, with the eighth well making the find at a depth of about 2,500m (8,200ft) in waters some 700 metres in depth.