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  • An in-depth analysis shows Caspian oil's potential


    R. Collum, Jr., A. Gregorek, A. Sondhi and M. Economides

    As new sources of hydrocarbons, particularly from non-OPEC countries, be-come increasingly important to the world, the Caspian Sea region has the potential to become one of the major oil- and gas-producing areas. The region is thought to hold the world's third-largest oil and gas reserves behind the Middle East and Russia. New oil discoveries in the northern Caspian Sea have underlined the region's importance. Kashagan field, off the northern shore of the Caspian Sea, is expected to be the second-largest petroleum deposit in the world, following Saudi Arabia's Ghawar field. It is the largest new oil field found over the last 30 years. By 2010, the Caspian region is expected to produce 3 million bopd, doubling current output of about 1.5 million bopd.

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