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The largest increase in proved oil reserves
estimates was made in Iran. Iranian oil reserves
increase by 5 % from 125.8 billion barrels in 2005
to 132.5 billion barrels in 2006. In Saudi Arabia,
reserves increased by 4.9 billion barrels (2 %) in
2006, and by 2.5 billion barrels (3 %) in Kuwait.
3. OIL RESOURCE POTENTIAL OF
CAUCASUS AND CENTRAL ASIA
The most of the proven Oil and gas reserves
of Central Asia and Caucasus are commonly
referred here as the Caspian Sea Basin. The
potential contribution of natural resources in the
development of Caspian oil and gas provides a
unique window of opportunity to produce their
economy and long term stability.
More than half of the Caspian regions proven
oil reserves and 80 % of its possible oil reserves
lie in only one republic of Kazakhstan. Since
independence, the oil production has grown
primarily from the north Caspian Republics of
Kazakhstan and Azerbaijan. The development of
the region’s oil resources has been led by three
major projects; Tengiz and Karachaganak in
Kazakh and Azerbaijan’s Azeri, Chirag and
deepwater Gunashili (ACG) fields. The combined
three projects produced about 644000 barrels per
day in 2004, almost half of the region’s total.
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Table 3. Proved and Potential Oil and Gas Reserves of
Central Asia and Caucasus
Country
Oil
(Billion Barrels)
Gas
(Trillion Cubic Feet)
Kazakhstan
39.620
65.000
Turkmenistan
0.546
71.000
Uzbekistan
0.594
66.200
Azerbaijan
7.000
30.000
Eurasia (Total) 1,22.888
1,952.600
Sources: Oil and Gas Journal, Jan 1, 2006
As a result, regional natural gas production
has increased only modestly since independence.
In terms of natural gas, Turkmenistan and
Uzbekistan are two leading gas producers as
compared to Kazakhstan and Azerbaijan. Uzbek is
the Third largest natural gas producer in the
commonwealth of Independent States. In addition,
it is one of the top ten natural gas producing
country in World.
In 2001, Kazakh produced about 11.6 bcm
(400 bcf) of natural gas, which was a slight
increase compared to previous production. With
production decreasing at the Bakharly field, which
was republics main source of natural gas,
Azerbaijan’s future natural gas production will
depend on development of the natural gas field.
Russia is aggressively helping Uzbekistan to
develop its ambitious energy plans. On February
5, 2007 Uzbekistan signed PSA with the
Soyzneftegas Vostok Ltd. The agreement involves
a 5 year joint exploration period and 36 years joint
development program concerning the Central
Ustyurt and South Western Guissar hydrocarbon
deposits. Uzbek President Islam Karimov issued a
special decree to validate the deal, under which
Soyuzneftegaz Vostokis committed to invest $466
million, including $370 million over the first three
years of the contract. Uzbekistan presently
produces about 60 bcm of gas/day. In April 2006,
Uzbekneftegas Gazprom started $1 billion venture
to explore and develop oil and gas deposits in the
Ustyurt plains in the Western autonomous region
of Larakalpakstan, which border the Aral Sea. It is
estimated that the new deposits could yield up to 5
bcum of gas annually. Gazprom has reportedly
pledged to invest $250 million to explore deposits
in the Ustyurt region and $350 million to develop
the Akchalak, Kuanysh and Urga deposits by
2011.
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Turkmenistan has world’s 11th largest gas
reserves, is a gas giant in CARs with proven and
probable reserves of 22 Tcm. The government’s
figure for combined oil and gas reserves is 45.44
billion tones of oil equivalent (mostly gas). Its
estimated total of proved, probable and possible
reserves is 12 billion tones for oil and 22.64 Tcm
for gas. This would make Turkmenistan the
world’s fourth largest potential gas producers. Gas
production in 2002 was around 0.05 Tcm. It is
expected to go up as the country’s biggest field,
Dauletabad, reaches peak production; the Chartak,
Gazyldepe and Balguyy fields are brought on
stream and output optimized at a handful of other
fields.
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But simultaneously, its distance from key
consumer markets may mean those reserves will
be commercially difficult to develop.
Third largest crude producing republic among
the former Soviet States is Azerbaijan. Oil
production in Azerbaijan is from a section of a
large productive basin that extends from the
Georgian Black Sea coast over the Caucasus
Mountains and across the Caspian Sea.
Azerbaijan’s two major fields are Gyuneshli field
and Neftyanyye-Kamni. At the same time, the
ruling elites in Kazakh, Turkmen, Uzbek and
Azerbaijan are fully cognizant of the following
fact: The economic and political prospects of these
countries are totally dependent on their ability to
realize the potential of these raw-materials.
4. ROLE OF THE CAUCASUS AND
CENTRAL ASIAN OIL AND GAS
In 1990s the biggest question was how to
transport Caspian oil and gas to the World
markets? Progress of these Eurasian countries in
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