Iran does 'well' to discover new oil in Caspian
"The newly found layer at the Sardar-e Jangal field contains quality crude that is hydrogen sulfide-free", Osouli said.
Osouli added the off-shore field would produce some 8,000 barrels of oil per day.
According to preliminary estimates, the gas reserves of the field are estimated at 50 billion cubic feet, which equals Iran's total gas consumption over a 10-year period.
In May, less than a year after Iran discovered the huge gas field, the National Iranian Oil Company (NIOC) officials said the area also contained huge crude oil reserves.
The new natural gas field is located within Iran's territorial waters in the Caspian Sea and is not to be shared with any neighboring country according to the NIOC officials.
We spent 3,000 billion Rials ($250 million) in exploration in the Caspian Sea but the value of the discovered hydrocarbon reserves is expected to exceed $50 billion," NIOC Managing-Director Ahmad Qalebani said.
"The discovery of oil in the Caspian Sea stunned those who intend to tighten sanctions against our country," he added.