Iran Finds Its First Caspian Sea Oil

From Businessweek

Iran has discovered oil in its Caspian Sea waters for the first time in more than a century, the state-run Fars news agency reported.

The deposit was found at a depth of 2.5 kilometers (1.5 miles) during drilling on a natural-gas field and may contain 10 billion barrels of crude, Fars said, citing the National Iranian Oil Co. That’s equal to 7 percent of Iran’s known reserves.

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© 2013 Energy Tribune

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