New oil block discovered in central Iran

Read on the website Vestnik Kavkaza

A new oil block was discovered in Iran’s central province of Semnan, an unnamed source said.

However, the source said that preliminary findings do not indicate the existence of any notable reserve in the newly found block.

"If decision is made to conduct further study into the block, it will be arranged under Iran’s new oil contract model the IPC," Fars news agency cited the source as saying.