Caspian Sea yields rediscovered oil, Iran

(IBTimes) - for the first time ever after more than a century, Iran discovered oil in the waters of the Caspian Sea, State Fars news agency reported.

Quote of the National Iranian oil co., said Iran discovered a deposit, which is synonymous with 7 per cent of its existing reserves of the news agency. It was on a natural gas field at 2.5 km or 1.5 miles deep drilled. It can lead an equivalent to 10 billion barrels of crude oil production.

"Iran never found something in a section of the Caspian Sea this at all, the first well has drilled because it would be deep water, so", said Robin Mills from the Dubai-based Mannar energy consulting and project management.

"Ten billion barrels is certainly to talk something." The question is whether Iran has the technology to develop.

Large oil and gas companies have pulled back sanctions imposed in accordance with their interests and investments in the Iran about plans of the country's nuclear program from the United States. This has a delle on the country that depend on its own technology, to continue its oil and gas exploration and production.

On the basis of data from the Organization of petroleum exporting countries (OPEC) in 2010, was Iran's proven reserves to 151 billion barrels. As the second largest oil producer in OPEC drills Iran listed, as with the other members of its oil in the South and the Persian Gulf. It has not ventured into drilling in the Caspian Sea as a result of the nuclear sanctions and territory disputes line.

In 2009 the Caspian basin can hold according to the Shana, the news site for the Iranian oil Ministry, some 17 to 33 billion barrels of oil compared to the capacity of 17 billion of the North Sea.

Maximum estimated payment of the Caspian Sea site may be a little less than 12.2 billion OPEC data showed.

Because of US sanctions Iran's oil is seen on 4.5% contribution on the world market in 2015 by 4.9 per cent in 2010, diving, Bloomberg News, obtaining data from the International Energy Agency reported.

In fact had a day compared to the 4.1 million barrels per day in 2008 registered in April of this year alone, overall performance under 3.3 million barrels, showed data from Bloomberg.