Sunday, 20 May 2012 17:37

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

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"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


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