WATCH LIVE:

Iran discovers gas field in Caspian Sea

Associated Press

TEHRAN, Iran (AP) — Iran's oil minister says the country has discovered a huge gas field containing an estimated 50 trillion cubic feet of gas in the Caspian Sea.

Rostam Qassemi says the field is located at a depth of 2,300 feet (700 meters) within Iran's maritime borders. His comments were posted on the ministry's news website, shana.ir, on Sunday.

Iran sits atop the world's second largest proven reserves of natural gas and is the second largest OPEC oil producer. Most of its gas production is used domestically. The country relies on oil exports for about 80 percent of its public revenues.

View Comments (-1)