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Ahmadinejad: Discovery of new gas reserves changes Caspian Sea status


Source: Islamic Republic News Agency

Sari, Mazandaran Prov, Dec 12, IRNA - Iranian President Mahmoud Ahmadinejad said on Monday that discovery of new gas reservoirs will greatly transform energy and political equations around the Caspian Sea.

Caspian Sea States

Making the remark here in this northern city, he said the latest discovery will enhance the political position and portrait of Iran in the Caspian Sea region as well as districts linked to Europe and eastern parts.

He stressed that excavation operations in the newly-discovered gas field will be carried out using a huge platform totally designed and manufactured by the Iranian experts.

He also noted that the volume of the gas in the reservoir was estimated to surpass 50,000 billion cubic feet which could provide the country with the gas it needs for the next decade.

Iran discovers new offshore gas field in Caspian Sea

Iranian energy experts and engineers succeeded in discovering a new gas field in the Iranian part of the Caspian Sea.

A large natural gas deposit with reserves of 50 trillion cubic feet or 1.42 trillion cubic meters was discovered in the Iranian part of the Caspian Sea.

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

Iran's gas reserves are the second largest in the world after Russia's and amount to about 16 percent of all world reserves.

Exploiting Iran's natural gas reserves to the extent of 33 trillion cubic meters can continue for the next 156 years.

This is while the natural gas reserves of countries such as US and Canada will only be sufficient for the next 12 years.

Iran is the world's fourth natural gas producer after the US, and Canada with an annual production of 154 billion cubic meters.

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