Caspian Sea Oil and Gas Reserves

The Caspian Sea is the largest inland body of water in the entire world. It provides gorgeous views to the countries that border it, and an important port for trade in the middle of these countries. A large whole of the world's caviar is harvested from the large sturgeon population that thrives in its murky depths. The largest imagine for dissention and political dispute in the middle of the neighboring nations of the Caspian is its sizable inherent for some of the largest natural resource yields in the entire world.

The Caspian Sea is bordered by five nations. Russia, Azerbaijan, Kazakhstan, Iran, and Turkmenistan, all have interest in the improvement of this huge body of water. The three northern countries, Russia, Azerbaijan, and Kazakhstan, signed a 2003 business agreement dividing the northern 64% of the sea among themselves. Azerbaijan and Kazakhstan have steadily increased their oil exploration in the region since the 1990s and have been rewarded with a 70% increase in oil production.

Kazakhstan

The Caspian, in terms of oil output, is believed to hold up to 200 billion barrels of oil. This whole would be as much as a quarter of the entire Earth's reserves and would be worth upwards of 10 trillion dollars in today's market. Controversy erupted with the dissolution of the Soviet Union; many of the newly independent states did not identify the ancient treaty signed by Russia and Persia that divided the lake in the middle. initial solutions have been reached in the interim, dividing the region among the five nations, but of course, not every nation feels the new terms of department are satisfactory.

Conflicts are sure to arise in the middle of all five nations in the time to come because of the current situation. Currently, several oil fields are in dispute because they are shared in the middle of two or three of the countries. Iran and Azerbaijan both claim exploratory possession to the same fields; Iran has even opened fire on Azerbaijani ships venturing into this disputed area. Meanwhile, Azerbaijan and Turkmenistan are grappling over a shared field because one country feels the other is pumping much more than its fair share of oil.

The natural gas deposits in this area can also be seen as over 25% of the entire Earth's proven supplies. The profit from the discharge of natural gas is a point of contention in the middle of these countries as well. The United States and other countries that import resources from the region are watching intimately as these discussions take place, because the outcome weighs heavily upon the time to come vigor supplies of the world.

Caspian Sea Oil and Gas Reserves

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