Economy

Iran finds large oil deposit in Caspian Sea

The National Iranian Oil Company (NIOC) has discovered large oil deposit in deep waters in the Caspian Sea, the Mehr News Agency has learnt.
The oil deposit has been discovered in the Sardar Jangal gas field which contains 50 trillion cubic feet of natural gas.

NIOC officials say the gas field, in waters 700 meters (2,300 feet) deep, lies wholly within Iran’s maritime borders and is not shared by the neighboring littoral states of Azerbaijan or Turkmenistan.

Oil Minister Rostam Qasemi is expected to reveal details of the new oil field in the future.

Iran announced in December 2011 that it had discovered a large gas field in the Caspian Sea with at least 50 trillion cubic feet (some 1.4 trillion cubic meters) of reserves.

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