Capsian Sea Oil and Phillips

Tuesday, May 16th 2000, 12:00 am
By: News On 6

(Washington-AP) -- A vast petroleum reserve in the northern Caspian Sea may be the largest oil discovery anywhere in the world in the past 20 years. U-S officials and industry sources tell The Washington Post that estimates of the field's size range from eight billion to more than 50 billion barrels of oil. The 480-square-mile deposit is located off the coast of Kazakhstan. Officials there announced last week that a consortium of Westernoil companies, including Phillips Petroleum and Exxon Mobil, had found "big deposits of oil" but would not speculate about the size.