Iran’s Sardar Jangal gas field in Caspian Sea to yield 880,000bpd

TEHRAN, Jan. 10 (MNA) - The huge gas field, named Sardar Jangal, which has been recently discovered in Iran’s territorial waters in the Caspian Sea, has the capacity to produce 880,000 barrels per day (bpd) of crude oil, Iranian MP Asadollah Abbasi said. Ali Osouli, managing director of Khazar Oil Company, announced in December 2011 that “the field holds an estimated 8 billion barrels of crude oil.” “An exploratory well has been drilled in the gas field to give new details on its hydrocarbon reserves,” Osouli said. The Sardar Jangal field holds at least 50 trillion cubic feet (some 1.4 trillion cubic meters) of gas reserves. The field, in waters 700 meters deep, lies wholly within Iran’s territorial waters. According to Oil Minister Rostam Qasemi, excluding Sardar Jangal, Iran has 11 trillion cubic meters of proven gas reserves in the Caspian Sea. Qasemi also announced that Iran is now the sole country in the region which has found access to the technology to drill wells in deep waters.