KEPCO Head Ali Osouli said:
- If the initial estimates are confirmed and exploration success is achieved, the Iranian sector of the Caspian Sea will play a significant role in gas exports to Europe in the near future, in which case Iran's new gas hub will be formed in the north to let the country supply 20% of Europe's gas needs from this region
According to estimates, this structure has a production capacity equivalent to 11 phases of South Pars.
If the estimates are accurate and the operation to explore the Chalous structure proves successful, the volume of recoverable gas from this structure alone would be 1.5 times the total recoverable gas in Azerbaijan and equivalent of 30% of the total recoverable gas in the Caspian Sea.
Based on available evidence, this structure can also have significant oil reserves.
Chalous structure may be compared with giant oil and gas fields in southern Iran in terms of in-place and recoverable hydrocarbon deposits.
According to KEPCO, exploration drilling has to begin in Chalous in the shortest possible time.
Immediately after exploration, long-term well testing will be carried out to make a proper assessment of recovery from this reservoir in order to facilitate the formulation of the best development plan for the field.