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Iran makes Caspian oil discovery

21 May 2012, 2.12 am GMT

Dubai, 21 May (Argus) — Iran has made an oil discovery in its sector of the Caspian Sea, which it claims could contain around 7bn-10bn bl of crude.

This is the first time Iran has discovered oil in the Caspian, Iran's oil ministry's news service Shana quoted the managing director of state-run Khazar Exploration and Production, Ali Osouli.

An oil layer was discovered during exploration of Sardar-e Jangal gas field, which was only discovered at the end of last year. The gas field is estimated to contain 50 trillion m³ of natural gas.

Iran said the field lies within its territorial waters and is not shared with any other states that border the Caspian. Exploration of the Caspian has been held up because of territorial disputes with Turkmenistan and Azerbaijan.

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