Iran to Speed Up Caspian Sea Explorations

Iran is expected to accelerate explorations across the Caspian Sea, especially in Golestan Province.

The oil minister has ordered developing oil and gas explorations, both in onshore and offshore sections, along the Caspian Sea borders.

Earlier this month, Iran announced the discovery of a large gas field in the Caspian Sea with at least 50 trillion cubic feet (some 1.4 trillion cubic meters) of reserves.

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

The fifth five-year development plan (2010-2015) has envisaged boosting the country’s gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day.