Iran only OPEC member expert in deep-water exploration

Iran is the only member of the Organization of Petroleum Exporting Countries (OPEC) that has expertise in deep-water oil and gas exploration, an Iranian oil official said. Director of the Khazar Exploration and Production Company Ali Osouli said exploring the reserves in the deep Caspian basin requires technological expertise only a few countries possess, Iran Focus reported. "At present, Iran is at the top of Caspian Sea littoral states to that effect," he said Sunday. Iran is among the world leaders in terms of oil reserves. More than half of its oil is found inland. Early in March, Director of exploration at Khazar Exploration and Production Company Yousef Etemadi said that the second exploration well in Sardar-e-Jangal field has been drilled 2,440 meters. Etemadi told the oil ministry's website that the second well will be drilled up to the depth of 4,022 meters, adding that the drilling will be over in three months if no obstacle is posed. "Continuation of drilling operations up to 4,022 meters deep depends on the conditions. If obstacles like big faults or mud blowout do not appear, the drilling operations will go on,” he added. Etemadi said the British Petroleum is currently drilling in the Azerbaijan’s sector of the Caspian Sea. Etemadi said several days ago that more hydrocarbon reserves are likely to be explored in the offshore Sardar-e-Jangal field in Northern Iran as liners (16 inches in diameter) have been installed in the second well of the Caspian Sea reservoir. He said that installing the pipeline in such a depth was difficult in recent years due to the heavy flow of water and the waste of drilling fluid. Etemadi described this operation as unique, saying that the liner hanger is installed in a 20-inch casing. Sardar-e-Jangal is estimated to hold two billion barrels of oil in place with a recovery rate of 25 percent.