Oil Discovery News

Iran finds what could be 10 billion barrels in the Caspian Sea:

Iran has discovered oil in its Caspian Sea waters for the first time in more than a century, the state-run Fars news agency reported.

The deposit was found at a depth of 2.5 kilometers (1.5 miles) during drilling on a natural-gas field and may contain 10 billion barrels of crude, Fars said, citing the National Iranian Oil Co. That's equal to 7 percent of Iran's known reserves.

and Bangladesh finds a nice haul of 137 million barrels.

DHAKA, Bangladesh - Bangladesh has discovered oil in two old gas fields in the country's northeastern region with an extractable reserve worth $5.5 billion, the chairman of state-owned Petrobangla said Monday.

Hussain Monsur said the two finds at Kailashtila and Sylhet contain proven reserves of 137 million barrels of low sulphur crude oil, of which 55 million barrels can be lifted commercially.