Press TV reported that a senior Iranian oil official says the Islamic Republic has discovered a new oil layer with in place reserves of 2 million barrels in Iran's territorial waters in the Caspian Sea.

Mr Ali Osouli MD of Khazar Exploration and Production Company said that the newly found layer which is located on Sardar e Jangal oil and gas field off the shore of the northern province of Gilan, contains quality crude that is toxic hydrogen sulfide free. Also prognosticated that Sardar e Jangal field would produce some 8,000 barrels of oil per day.

According to the preliminary evaluations, the gas reserves of the field are estimated at 50 billion cubic feet a quantity equivalent to Iran's total gas consumption over 10 year period.

Earlier in May and less than a year after Iran discovered the huge gas field, the National Iranian Oil Company’s officials said the area also contained huge crude oil reserves. The new natural gas field is completely situated within Iran’s territorial waters in the Caspian Sea and is not shared with any neighboring country.

Meanwhile, Mr Mehdi Saadati governor of Gilan Province said that the Phase I of the field is expected to become operational within 2 years and will create job opportunities for 6,000 people.

Iran discovered 13 new oil and gas fields with in place reserves of 14 billion barrels of oil and 45 trillion cubic feet of natural gas during August 2009 to August 2010.

Only between March and December of 2010, Iran discovered seven gas fields and more fields are anticipated to be found in the current Iranian calendar year.

Source - Press TV

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