Iran discovers gas field

December 12th, 2011 - 1:49 am ICT by IANS  

Tehran, Dec 12 (IANS) Iran has discovered a gas field in the Caspian sea, Oil Minister Rostam Qasemi said Sunday.

The new reserve, located at a depth of 2,300 feet, is believed to be several times larger than the earlier ones discovered in the Caspian sea, Xinhua reported.

Iran’s Caspian sea gas reserves was previously estimated at 11 trillion cubic feet.

The country holds the world’s second largest natural gas reserves with about 29 trillion cubic meters after Russia.

Iran is unable to attract foreign investment to develop its gas fields due to the economic sanction from the western countries. The sanctions are aimed at pressing Iran to withdraw from its controversial nuclear program.

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