TEHRAN- Iran intends to use foreign companies’ technology for deep-water drilling in the Caspian Sea, said Karim Zobeidi, the official in charge of hydrocarbon reserves assessment at the National Iranian Oil Company (NIOC).

He said Sardar-e Jangal oil and gas field in the Caspian Sea is proved to contain quality light crude; therefore there is great potential for production activities, according to the Shana News Agency.

In light of the proper infrastructures in the north of Iran, the country welcomes renowned foreign companies’ activities in development of Sardar-e Jangal field, the official further highlighted.

Back in 2012, Iran discovered a new oil layer with in-place reserves of two billion barrels in Sardar-e Jangal oil and gas field off the shore of the northern Iranian province of Gilan in the Caspian Sea which contains quality crude that is toxic hydrogen sulfide free.

Iran’s Khazar Oil Company has previously announced that Sardar-e Jangal field would produce some 15,000-20,000 barrels of oil per day over the five next years.

The preliminary evaluations estimated the field’s gas reserves at 50 billion cubic feet - a quantity equivalent to Iran’s total gas consumption over a 10-year period.

According to the estimates, the southern part of the Caspian Sea holds at least 32 billion barrels of oil reserves. 

Iran holds the world’s fourth-largest proven crude oil reserves and the first-largest natural gas reserves. The country’s total in-place oil reserves have been estimated at more than 560 billion barrels, with about 158 billion barrels of recoverable oil.

MA/