Iran Discovers New Gas Reserves in Caspian Sea

Iran has discovered a new natural gas field in Caspian Sea, its Petroleum Minister Rostam Qasemi announced Sunday.

The gas reserves were located at a depth of 700 meters, and were found to be considerable larger than previously estimated.

No specific information about the size of the field and location was provided. However, the minister claimed that Iran had already possessed 11 trillion cubic meters of proven gas reserves in the Caspian Sea prior to the discovery.

The country holds 29.6 trillion cubic meters of gas reserves -- the world's second-largest.