Here is the TehranTimes report:
Iran envisages $50b investment to explore oil, gas fields in Caspian Sea
Iranian oil ministry has envisaged investing up to $50 billion to explore oil and gas fields in the Caspian Sea, the Mehr news agency quoted a member of parliament as saying on Friday. “In a recent meeting with the oil minister, he elaborately explained on plans to explore oil and gas fields in the Caspian Sea,” Ali-Asghar Yousefnejad stated. Iran announced on December 11 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, Oil Minister Rostam Qasemi explained. He added excluding this new discovery Iran has 11 trillion cubic meters of proven gas reserves in the Caspian Sea.
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