Iran needs $10 billion to develop Caspian Sea gas

Experts believe Iran needs almost $10 billion to develop its oil and gas fields located in the Caspian Sea.

 Iran announced on Sunday it has discovered a large gas field in the Caspian Sea with at least 50 trillion cubic feet (some 1.4 trillion cubic meters) of reserves.

 The field, in waters 700 meters deep, lies wholly within Iran’s territorial waters.

 Excluding this new discovery Iran has 11 trillion cubic meters of proven gas reserves in the Caspian Sea.