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Caspian Sea nations advance toward settlement on oil and gas reserves

Published 08/13/2018, 12:27 PM
Updated 08/13/2018, 12:27 PM
© Reuters.  Caspian Sea nations advance toward settlement on oil and gas reserves
  • Leaders of five Caspian Sea countries - Russia, Kazakhstan, Iran, Azerbaijan and Turkmenistan - signed an agreement over the weekend that aims to settle a longstanding dispute over ownership of oil and gas reserves on the water.
  • Caspian reserves as of 2012 were estimated at 48B barrels of oil and 292T cf of natural gas, indicating that the deal could spark a surge in exploration and the construction of new pipelines in the area.
  • The Caspian sea holds Kazakhstan’s giant Kashagan oil field, the world’s most expensive oil project with costs of $50B-plus since 2000 - with shareholders including Exxon Mobil (NYSE:XOM), Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B), Total (NYSE:TOT) and Eni (NYSE:E) - as well as Azerbaijan’s largest natural gas field, the BP-operated Shah Deniz gas field.
  • Now read: Energy Recap: Corporate Renewable Energy Procurement Reaches New Heights


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