Sunday, 20 May 2012 17:37

Iran Finds Its First Caspian Sea Oil for More Than a Century

Rate this item
(3 votes)

"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."

-- That'll keep global consumption going another 3-4 months. -- Jenna Orkin

Bloomberg article

 

Visit the World News Desk for related stories, more dots to connect, and our world-famous analysis and commentary.

Comments can only be posted by CollapseNet members