http://www.tehrantimes.com/economy-and-business/96655-iran-to-start-offshore-drilling-in-caspian-sea-by-early-2013
Iran is starting to begin to do offshore drilling in the Caspian Sea by 2013. In order for them to drill for oil they need lots of money, therefore they will be getting loans from the province of Mazandaran. Iran officials believe that the world still has a big demand for crude oil. Iran has somewhere between 12-15% of the worlds crude oil reserves. There is supposedly 11 trillion cubic meters of crude oil in the Caspian sea to be found by Iran. The total budget for the drilling is 30 billions dollars.
In my opinion, Iran should drill for the oil in the Caspian because it will again lower those oil prices that are getting pretty high. United States does buy some oil from Iran but not a whole lot compared to countries in Asia. It is pretty pricey for Iran to begin but they are borrowing and hope to pay it all back. This will by far help the world in its major oil crisis.
Tehran Times is a quality source because it is Iran's leading international daily website. To contact them, their mailing address is in Tehran, Iran. The site has lots of information about current news going on in Iran. This site is good because it keeps up to date with Iranian news coming from inside the country of Iran.
I had to look at the print date on this one b/c I am surprised they are investing now while much of the world is cuting them off with a boycott. While their economy is going to dive while they look for alternative buyers, it surprised me that they would choose now to do this. Maybe part of ploy to make world think that they won't be effected by the boycott.
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