Iran Finds Oil in Caspian
By Micah Halpern
Tuesday May 22, 2012
I've Been Thinking:
Iran just discovered a very large oil deposit in the Caspian Sea. It is the first new oil to be discovered in the Caspian in over 100 years. Estimates place the find at 10-15 billion barrels.
The Iranians were drilling deep. They went 1.5 miles down in very windy areas that had until now discouraged drilling. They were actually looking for natural gas and they found crude oil.
This will amount to 7-10% of Iran's reserves and it will give them a huge boost at a time where they really need it.
The oil deposit is located in an area in the North far away from the Gulf and from the areas patrolled and monitored by the international community. The Caspian Sea provides a great set of outlets for the oil that will allow for the smuggling of natural resources right under the watchful eyes of international observers.
All in all, this is great news - for Iran.
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