TEHRAN April 8 (Shana)–A top official in the Khazar Exploration and Production Company (KEPCO) has held out the possibility of new hydrocarbon reservoirs beneath the Caspian Sea.
Yousef Etemadi, exploration director of KEPCO, said the second exploration well, currently deep 2,664 meters, indicates the possibility of new hydrocarbon reserves.
He said this well is to go up to 4,022-meter in depth.
Etemadi underscored the complexity of deepwater drilling, saying that Iran lacks technologies required for offshore drilling in the Caspian Sea.
He said KEPCO is determined to start early recovery from Sardar-e-Jangal field off Caspian waters.
He added that the field is expected to start producing 15,000 to 20,000 b/d in five years.
Recently, liners (16 inches in diameter) were reported to have been installed in the second well of the Caspian Sea reservoir.
Sardar-e-Jangal is estimated to hold two billion barrels of oil in place with a recovery rate of 25 percent.
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