Saudi Arabia's oil minister, Ali Naimi, points to an unexplored area on the Iraqi-Saudi border the size of California, and argues that such untapped resources could add 200 billion barrels to his country's tally.

ECONOMIST: Why the world is not about to run out of oil

The shipwreck site was located approximately 200 miles off the U.S. Gulf coast in water that was over 4, 000 feet deep, according NOAA. Until now, the area has been relatively unexplored.

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