Caspian Sea Yields Oil, Iran Discovers Anew
For the first time ever after more than a century, Iran discovered oil in the waters of the Caspian Sea, state-run Fars news agency reported. Quoting the National Iranian Oil Co., the news agency said Iran discovered a deposit that is tantamount to 7 per cent of its existing known reserves. It was drilled on a natural-gas field at 2.5 kilometers or 1.5 miles deep. It may yield a production equivalent to 10 billion barrels of crude oil. "Iran has never found anything in its section of the Caspian because it's deep water, so these would be ...
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