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“Iran has around 500 million barrels of oil in Caspian Sea,” notes the Iranian ISNA news agency.

Author of the article refers to US local sources and notes that Iran has around 500 million barrels of oil also in Caspian Sea, but they have suspended the exploitation of those oilfields because of the territorial issues that have risen around Azerbaijan and Turkmenistan.

According to the information on January of this year Iran has gathered 157 bln. oil which makes 10% of world oil supplies. 70% of the oil supplies of the Iranian oil are located at close to shore territories. While 30% is land-based.

In 1921 agreement was signed between Iran and Soviet Union according to which Soviet Union passed to Iran Ashurade and other islands in Caspian Sea to Iran as well as acknowledged the right of Iran to sail freely in Iran. Lately Russia came to a common decision with Kazakhstan and Azerbaijan on the legal status, while Iran, Azerbaijan and Turkmenistan still have some disagreements. Iran believes that the sea should be divided into 5 equal parts, and it simply excludes discussion of any other version.

Last year Iran stated that it had found new oilfields in Caspian Sea and that the oil there is the best.

Besides the legal issues Tehran and Baku have other serious disagreements in connection with the oilfields. The thing is that Azerbaijan stresses the fact that the legal status of the Sea is not yet solved and insists that the oilfield Sardar Jangyal is located on the territory close to Azerbaijan and Turkmenistan and it does not belong to Iran.

In response to Baku’s actions Iran putted into use its warship “Jomaran 2” in the Caspian Sea.