Iran Strikes It Rich with Massive Gas Deposits in Caspian Sea

A 2004 map from Wikipedia shows the Iranian claims in the Southern Caspian Sea. Map from Wikipedia

A large natural gas deposit has been discovered in the Caspian Sea section claimed by Iran, according to Iranian officials.

The newly found deposit is said to have reserves of 50 trillion cubic feet or 1.42 trillion cubic meters in the Iranian part of the Caspian Sea, reported Iran's Shama TV channel on Sunday quoting Iranian Oil Minister Rostam Qassemi.

Qassemi said that reserves of the new deposit at a depth of 700 meters exceeded a total volume of proven gas reserves of 11 trillion cubic feet in the country's part of the Caspian Sea by almost 400%.

Iran's gas reserves are the second largest in the world after Russia's and amount to about 16% of all world reserves. The new Caspian Sea deposit, if proven, is to change that ratio.

The littoral states of the Caspian Sea have not settled yet their claims for the respective portions of the sea bed.

For example, the project for the Trans-Caspian Gas Pipeline from Turkmenistan to Azerbaijan, whose gas transit can be included in the so called Southern Gas Corridor developed by the EU around Russia, has been stalled largely by opposition on part of Russia and Iran.

Short of declaring outright political reasons, Russia and Iran have objected to the project on technically environmental and legal grounds - with respect to the status of the Caspian Sea and the littoral states. They claim that a potential pipeline project, regardless of the route, should need the consent of all five Caspian littoral states.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!