Caspian Oil and Gas: Production and Prospects

reportActive / Technical Report | Accession Number: ADA476137 | Open PDF

Abstract:

The Caspian Sea is a 700-mile-long body of water in central Asia bordered by Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan. Among the five nations, only Iran is a member of the Organization of Petroleum Exporting Countries OPEC. Azerbaijan, Kazakhstan, and Turkmenistan became independent when the Soviet Union dissolved in 1991. The Caspian Sea region historically has been an oil and natural gas producer, but many believe that the region contains large reserves of oil and gas capable of much greater production than at present. Because diversity of energy sources is a consideration in Congressional deliberations on energy policy, this prospect could play a role in such discussions. However, there are notable obstacles to increases in Caspian Sea region production of oil and gas that may slow development. This report will be updated as events warrant.

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