Iran's Caspian oil field contains bigger reserves

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. Osouli mentioned that drilling operations continue in the field to find exact details. "After 104 years this is for the first time oil is erupted in Caspian Sea waters during drilling operations," the official told the oil ministry's website, Shana,, adding that the field is different from oil and gas layers located in the Persian Gulf, south of Iran, regarding its layers. The National Iranian Oil Company has discovered oil reserves in its territorial waters in the Caspian Sea, which, according to preliminary estimates, amount to 8-10 billion barrels. The oil deposits were discovered 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. Iran is the second largest oil producer in OPEC after Saudi Arabia. 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. The reserves have been found at a depth of 2,460 meters. Early reports indicated that the newly-discovered oil field contains 8 to 10 billion barrels of oil.