Iranian oil officials announced that the in-place reserves of a newly found oil field in the Caspian Sea are much bigger than early estimates. The National Iranian Oil Company has discovered oil reserves in its territorial waters in the Caspian Sea, which, according to preliminary estimates, amount to 8-10 billion barrels.
The reserves have been found at a depth of 2,460 meters. Early reports indicated that the newly-discovered oil field contains 8 to 10 billion barrels of oil.
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