TEHRAN, Iran – National Iranian Oil Co. claims to have discovered large volumes of oil while drilling in the southern sector of the Caspian Sea.
Khazar Exploration and Production Co. drilled the well, which intersected an oil layer 24-30 m (79-98 ft) thick, at a subsurface depth of 2,460 m (8,071 ft). Drilling operations continue.
Preliminary reserve estimates, according to Iranian news service Shana, are 8-10 Bbbl.
The oil was discovered during drilling of a claimed supergiant gas field, a program under way since December.
Details were announced as Iran’s Petroleum Minister Rostam Qasemi visited the semisubmersible Amir Kabir.