Iran discovers first oilfield in Caspian Sea in 104 yrs 

(MENAFN) Iranian Khazar Exploration and Production's Co. Managing Director, Ali Osouli , announced that for the first time in 104 years, the country has found its first oilfield in the Caspian Sea, reported Tehran Times.

Osouli added that Iran, which has proven crude reserves of almost 151 billion barrels at the current time, owns most of its known reserves in the south and the Persian Gulf.

Moreover, the new field in the Caspian could hold up to 10 billion barrels of crude.

On the other hand, the National Iranian Oil Co. stated that the oilfield was discovered during drilling on a natural-gas field, on a depth of 2.5 kilometers.

It is worth noting that Iran is OPEC's second-largest oil producer.