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Thread: Iran Finds Its First Caspian Sea Oil for More Than a Century

  1. #1
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    Iran Finds Its First Caspian Sea Oil for More Than a Century

    [URL="http://www.bloomberg.com/news/2012-05-20/iran-finds-first-caspian-sea-oilfield-in-104-years-fars-reports.html"]http://www.bloomberg.com/news/2012-05-20/iran-finds-first-caspian-sea-oilfield-in-104-years-fars-reports.html[/URL]

    Here is hoping this discovery lead to renewed partnership between the West and Iran

    Iran needs oil rig technology and the rest of world needs oil. Good trade often builds good friendships.


    [QUOTE]

    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

    While Iran is the second-largest oil producer in the Organization of Petroleum Exporting Countries, most existing fields are in the south and the Persian Gulf. Hampered by sanctions over nuclear ambitions, it doesn’t yet extract crude in the Caspian, where nations including Azerbaijan are tapping deposits and demarcation lines over territory are disputed.

    “Iran has never found anything in its section of the Caspian because it’s deep water, so these would be the first wells ever drilled,” said Robin Mills, head of consulting at Dubai-based Manaar Energy Consulting and Project Management. “Ten billion barrels is certainly something to talk about. [B]The question is whether Iran has the technology to develop it.” [/B]

    The oil strike is Iran’s first in the Caspian Sea for 104 years, Fars cited Khazar Exploration and Production Co. Managing Director Ali Osouli as saying.

    Iran has proven reserves of 151 billion barrels, according to figures on the OPEC website based on 2010 data. The maximum estimated deposit at the Caspian Sea site would be slightly less than in the whole of Algeria, with 12.2 billion, the data shows.

    [U]Sanctions Hurdle [/U]

    The Caspian basin may hold 17 billion to 33 billion barrels of oil, compared with the North Sea’s 17 billion, the Iranian oil ministry news website, Shana, said in 2009. It may also hold 8,000 billion cubic meters of gas, Shana said.

    International oil and gas companies such as Royal Dutch Shell Plc (RDSA) and Total SA (FP) have exited Iran to comply with U.S. sanctions over its nuclear program, forcing the Islamic state to rely on its own technology for exploration and production.

    As a result, Iran risks becoming a less important global oil supplier, with its share of production likely to slip from 4.9 percent in 2010 to 4.5 percent in 2015, according to the International Energy Agency. Output dropped below 3.3 million barrels a day last month, compared with 4.1 million barrels a day in 2008, according to data compiled by Bloomberg.

    National Iranian Oil said last year that more than $500 million would be spent installing a semi-floating drilling platform in the Caspian and that the first exploration well would be completed by the end of March, helping Iran to catch up with neighboring countries already developing crude deposits.

    Kazakhstan aims to begin production in 2013 at Kashagan in the northern Caspian, the world’s fifth-largest oil field, with partners including Shell, Total, Eni SpA (ENI) and Exxon Mobil Corp. (XOM)

    In neighboring Azerbaijan, BP Plc (BP/) leads a group pumping oil at the Azeri-Chirag-Guneshli project, the largest field under development in its sector of the sea, according to BP’s website.

    To contact the reporters on this story: Ladane Nasseri in Dubai at [email]lnasseri@bloomberg.net[/email]; Ayesha Daya in Dubai at [email]adaya1@bloomberg.net[/email]

    To contact the editors responsible for this story: Andrew J. Barden at [email]barden@bloomberg.net[/email]; Stephen Voss at [email]sev@bloomberg.net[/email]

    [/QUOTE]

  2. #2
    [QUOTE=Buster;4473115][URL="http://www.bloomberg.com/news/2012-05-20/iran-finds-first-caspian-sea-oilfield-in-104-years-fars-reports.html"]http://www.bloomberg.com/news/2012-05-20/iran-finds-first-caspian-sea-oilfield-in-104-years-fars-reports.html[/URL]

    Here is hoping this discovery lead to renewed partnership between the West and Iran

    Iran needs oil rig technology and the rest of world needs oil. Good trade often builds good friendships.[/QUOTE]

    Lollipops and rainbows. The is bad news if true. Iran is an enemy to America and the free world. Any good that befalls them is a bad thing.

  3. #3
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    [QUOTE=chiefst2000;4473326]Lollipops and rainbows. The is bad news if true. Iran is an enemy to America and the free world. Any good that befalls them is a bad thing.[/QUOTE]

    Wow.

    I hope you are wrong

  4. #4
    [QUOTE=Buster;4473381]Wow.

    I hope you are wrong[/QUOTE]

    I'm not. Your post shows you don't understand the situation in Iran at all.

  5. #5
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    [QUOTE=chiefst2000;4473399]I'm not. Your post shows you don't understand the situation in Iran at all.[/QUOTE]



    Have you always been such a condescending jerk or is this new?

    Wasn't Russia our gravest enemy 30-ish years ago...Pointing real verified nuclear weapons at us?

    And now we are best pals.

    Didn't 58,000 Americans die in Vietnam?

    And now we trade with them?


    Are you so small minded that you cannot see a scenario in which this works out?

  6. #6
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    [QUOTE=Buster;4473410]
    And now we are best pals.
    [/QUOTE]

    LOL

  7. #7
    [QUOTE=Buster;4473410]Have you always been such a condescending jerk or is this new?

    Wasn't Russia our gravest enemy 30-ish years ago...Pointing real verified nuclear weapons at us?

    And now we are best pals.

    Didn't 58,000 Americans die in Vietnam?

    And now we trade with them?


    Are you so small minded that you cannot see a scenario in which this works out?[/QUOTE]

    Russia remains our nemesis in the world. Only Obama and apparently you don't get that. Russia was somewhat neutered in the late 90's due to their economic collapse (we are headed for the same in the next 5 years). You are here happy that Iran found some oil reserves thereby potentially strengthening their economic position. How does that correlate with Russia?

  8. #8
    [QUOTE=chiefst2000;4473489]Russia remains our nemesis in the world. Only Obama and apparently you don't get that. Russia was somewhat neutered in the late 90's due to their economic collapse (we are headed for the same in the next 5 years). You are here happy that Iran found some oil reserves thereby potentially strengthening their economic position. How does that correlate with Russia?[/QUOTE]

    How's that possible? GW stated Putin is a straightforward and trustworthy man.

  9. #9
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    [QUOTE=Buster;4473115]

    Here is hoping this discovery lead to renewed partnership between the West and Iran

    .[/QUOTE]

    lolz

    "We have oil! We love America!!"

    [IMG]http://1.bp.blogspot.com/_hntojuBOgo0/SvjQqEMuo0I/AAAAAAAAI5w/4rot38oTfUg/s400/IranPresident.jpg[/IMG]

  10. #10
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    [QUOTE=Buster;4473410]Have you always been such a condescending jerk or is this new?

    Wasn't Russia our gravest enemy 30-ish years ago...Pointing real verified nuclear weapons at us?

    And now we are best pals.

    Didn't 58,000 Americans die in Vietnam?

    And now we trade with them?


    Are you so small minded that you cannot see a scenario in which this works out?[/QUOTE]

    LOL.

    Russia is our best pal?

    Just LOL.

  11. #11
    [QUOTE=Buster;4473410]And now we are best pals.[/QUOTE]
    See?

    This is what happens when you stray from the path of posting whole articles without additional thoughts.

    Is this radical shift due to Chris Christie's record approval rates?

  12. #12
    Now that they found these new reserves the need for the development of nuclear power is no longer a legitimate need.

    This should allow them to abandon their nuclear program completely.

  13. #13
    [QUOTE=Winstonbiggs;4473608]Now that they found these new reserves the need for the development of nuclear power is no longer a legitimate need.

    This should allow them to abandon their nuclear program completely.[/QUOTE]

    Why?
    The US has oil reserves but still uses nuclear energy as do other nations.
    There are advantages (and disadvantages) to nuclear energy that you dont get from fossil fuels.

    This has no bearing on their desire to have a nuclear energy program.

  14. #14
    [QUOTE=kennyo7;4473864]Why?
    The US has oil reserves but still uses nuclear energy as do other nations.
    There are advantages (and disadvantages) to nuclear energy that you dont get from fossil fuels.

    This has no bearing on their desire to have a nuclear energy program.[/QUOTE]

    And why in your opinion do they have a nuclear program?

  15. #15
    [QUOTE=Winstonbiggs;4473608]Now that they found these new reserves the need for the development of nuclear power is no longer a legitimate need.

    This should allow them to abandon their nuclear program completely.[/QUOTE]

    :rotfl:

    It's sad that you're the only one kidding in this thread...

  16. #16
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    Belichick has some great TE's....the Jets have some really good CBs. Perhaps a trade where both benefit will forge a spirit of friendship? :dunno:

  17. #17
    [QUOTE=kennyo7;4473864]Why?
    The US has oil reserves but still uses nuclear energy as do other nations.
    There are advantages (and disadvantages) to nuclear energy that you dont get from fossil fuels.

    This has no bearing on their desire to have a [B]nuclear energy program[/B].[/QUOTE]

    I agree it has no bearing on their desire.

  18. #18
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    [QUOTE=Winstonbiggs;4473608]Now that they found these new reserves the need for the development of nuclear power is no longer a legitimate need.

    This should allow them to abandon their nuclear program completely.[/QUOTE]

    That is the type of deal I'm talking about.

    We build oil rigs for them and they yield on the nukes (and rake in $ with all of the new oil production)

    A win-win

  19. #19
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    [QUOTE=Buster;4474280]That is the type of deal I'm talking about.

    We build oil rigs for them and they yield on the nukes (and rake in $ with all of the new oil production)

    A win-win[/QUOTE]

    This will be a momentous occasion. The only appropriate way to initiate this would be to have the American and Iranian unicorns to rub horns.

  20. #20
    [QUOTE=JetPotato;4474382]This will be a momentous occasion. The only appropriate way to initiate this would be to have the American and Iranian unicorns to rub horns.[/QUOTE]

    We can finance the celebration with the gold we find in a pot at the end of a rainbow.

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