Studies show Russia-Kazakhstan sector of Caspian is quite promising

Jul 21, 2001 02:00 AM

Gas and oil prospecting studies have shown that the Russia-Kazakhstan sector of the Caspian Sea is quite promising. Russian Deputy Minister for Natural Resources Ivan Glumov told that the hydrocarbone wealth of this area is estimated at 8 to 10 bn tons.
He said the southern Caspian basin, which is in Azerbaijan and Turkmenistan, until recently was seen as a main store of oil and gas, and this was an economic rationale for a project of an oil pipeline which is to link Baku and Turkey's Ceyhan. No prospecting was carried out in the central part of the Caspian.

However, studies by geologists of Russia and Kazakhstan in the area over the past three years have revealed more than 15 promising oil and gas structures and three oil and gas fields. At least three major deposits are expected to be uncovered by the end of 2002.
Glumov said these resources will allow full-capacity operation of Tengiz-Novorosiisk oil pipeline of the Caspian Pipeline Consortium in the nearest years. Meanwhile, ExxonMobil has been a third Western company which has not found "big oil" in Azerbaijan's sector of the Capian Sea. Major companies and investment funds seem to be shifting their attention to the Russian-Kazakh part of the Caspian.

Source: Itar-Tass
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