Oil: Norway announces oil discovery in Iran

Norwegian energy and aluminium group Norsk Hydro has announced an oil discovery in western Iran, near the border with Iraq.

Speaking at an conference in Tehran, the company's head of oil and energy business Tore Torvund, said that could be one of the most significant finds of recent years.

The discovery was made in April, in partnership with Lukoil from Russia. The Norwegian company is the major licence holder with 75%.