TEHRAN, Young Journalists Club (YJC) - The discovery on Minoo Island is the first ever oil find in the general area of Abadan which is home to Iran’s largest and oldest oil processing facility.
“Yesterday at 10 o'clock in the morning, a well being drilled on Mino Island reached oil. This is the first time we discover oil in the Abadan area,” Zangeneh told reporters after a cabinet session.
“We have a lot of hope to discover (more) oil in the Abadan area and this grade discovered at a depth of 3,770 meters has an API gravity of 40 which is very light and sweet,” he added.
Zangeneh said drilling will continue to estimate the total volume of the reservoir and the possibility of production.
Iran has also to determine whether it is an independent resource or an extension of an Iraqi oilfield currently producing on the other side of the border.