Assessment of the Greater Caspian Region Petroleum Reserves and Their Role in World Energy
Andrei V. Belopolsky, Manik Talwani, 2007. "Assessment of the Greater Caspian Region Petroleum Reserves and Their Role in World Energy", Oil and Gas of the Greater Caspian Area, Pinar O. Yilmaz, Gary H. Isaksen
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Since the breakup of the former Soviet Union, the Greater Caspian region has become available to foreign investors for developing existing hydrocarbon resources and for oil and gas prospecting. Having a large territory and a long history of oil production, the Greater Caspian has attracted many oil companies, large and small. However, a very significant uncertainty in the amount of proven and potential hydrocarbon reserves in the region exists mainly because of differences between Soviet and Western methods of reserve estimation. More definite reserve estimates are important for decision making in many spheres, including business and politics.
In our study, we focus on compiling information about each geological basin in the region and evaluating reserve estimates that came from different sources, such as state government, exploration and production companies, and independent consultants. We then compare the Greater Caspian hydrocarbon reserves with other oil-producing countries to assess the market share of the Central Asian countries and to estimate their potential. Our results show that the Greater Caspian proven reserves account for only 3% of world oil reserves and 7% of gas.