Iran Makes First Oil Discovery In Caspian Sea
From Proactive Investors
Iran announced this week that it”s made its first oil discovery in the Caspian Sea in more than 100 years.
The semiofficial Fars News Agency reports the find, in ultradeep waters, may hold the equivalent of 7 percent of the country”s known national reserves.
Iran has touted its ability to continue with domestic energy production, notably in the South Pars natural gas field in the Persian Gulf, despite international sanctions targeting its energy sector. In the Caspian, however, Iran”s recent claims may put it at odds with its neighbours over their rights in disputed territorial waters.