NB Intelligence has released a new CaspianOil Special Report 2017, focusing on risk and issues associated with existing and prospective fields in the region.
The Report focusses on the wider Caspian Basin, which includes both onshore and offshore fields in the five countries that share it – Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan. The area is conservatively estimated to have around 48 billion barrels of oil and 292 tcf (8.3 tcm) of natural gas in proven and probable reserves.
The US Geological Survey (USGS) estimates that another 20 billion barrels of crude oil and 6.9 tcm of natural gas are conventional technically recoverable, but as yet undiscovered, resources, with around 65% of the undiscovered oil and 81% of the natural gas estimated to be in the South Caspian Basin. The Arctic-like northern area of the Caspian Sea is also relatively unexplored, and USGS estimates significant amounts of undiscovered resources there as well.
“This enormous region is relatively under explored and its true potential for oil and gas not yet fully understood. This Report aims to dig further into existing projects and analyse prospective fields giving a clear outline of the pros and cons of each,” said Gav Don, CEO of NB Intelligence.
The Caspian Basin has been a prolific producer of oil for over a century, but only since the fall of communism has meaningful progress been made in mapping out the region's offshore potential. It is also important as it offers a prime strategic location between both Asian and European markets.
Since the 1990s, a series of oil and gas fields have come into production off the coasts of Azerbaijan, Russia, Kazakhstan and Turkmenistan, and further projects are in the pipeline, notably in Russian waters. Mega-projects like Kashagan and Shah Deniz have often dominated the press coverage of this area in the last few years, dogged by delays and political issues. The Caspian, however, continues to offer international oil companies (IOCs) and contractors lucrative business opportunities. But operating in the region also carries risks, not least because of the ongoing territorial dispute between the sea's five littoral states.
“This report provides a comprehensive overview of the regions production prospects and the risks and issues associated with exploration in the area. Its detailed insight is ideal for operators and analysts working or planning to work in the region,” concluded Don.
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