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Uploaded on Wednesday 09 Oct 2013 by GRID-Arendal

Oil production

Year: 2013 Author: GRID-Arendal
Over the last 20 years, the Caspian Sea has become a focus of global attention. A worldwide decline in oil and gas reserves together with a rise in energy prices has heightened interest in an area where there is still growth potential in oil and gas exploration. At present, the Caspian Sea region is a significant, though not major supplier, of crude oil to the world market. For example, the Azeri-Chirag-Guneshli oilfield in Azerbaijan is listed as one of the world’s 10 largest oilfields in terms of production, having reached a peak in 2007 (WEO 2008). In 2005, oil production in the Caspian region reached approximately 1.9m b/d (EIA 2006), a figure similar to that of Brazil, South America’s second largest oil producer. The 2009 BP Statistical Review of World Energy estimated the Caspian’s share (in this case the Caspian share includes Azerbaijan, Kazakhstan and Turkmenistan) of the world total of proven oil and gas reserves in 2008 at 3.8% and 5.9% respectively. In terms of total world production, the Caspian accounts for 3.29% of oil production and 3.6% of gas production (BP 2009). The main focus of the oil and gas industry continues to be in the areas of Azerbaijan, Kazakhstan and Turkmenistan.
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