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May 10th, 2012 
FAKE NEWS for the Zionist agenda The new oil reserves were discovered by the Amir Kabir semi-submersible drilling rig in the course of exploration operations on Sardar-e Jangal gas field in the deep waters of the Caspian Sea.
Iran’s Oil Minister Rostam Qasemi is expected to give detailed information on the discovery of the new oil reserves in the Caspian Sea during the Iranian government’s ongoing provincial visit to Khorasan-e-Razavi Province which kicked off on Thursday.
Qasemi announced the discovery of the huge Caspian gas field, which was later dubbed Sardar-e Jangal, on December 11, 2011, noting that the field contains 50 trillion cubic feet of natural gas.
According to the NIOC officials, 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.
The discovery of the new gas field took place by drilling eight exploration wells in the deep waters of the Caspian Sea with the eighth well hitting huge gas reserves.
The total reserves of the field have not been determined in strict terms yet, but early studies have shown that in addition to natural gas and condensate, the field contains remarkable amounts of crude oil.
Early estimates have put the field’s oil reserves at 8-10 billion barrels, though exploration activities are still underway.
SS/HJL/IS
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