Iran rekindles oil drilling in the Caspian Sea, shelving a multi-year hiatus.
Rewritten Article:
Iran's Oil Minister, Javad Owji, has given a green light to resume exploratory drilling in the Caspian Sea, as reported by Shana news agency. This decision comes as part of Iran's ambitious plan to harness the untapped energy wealth of the Caspian Basin, a region filled with oil and gas treasure troves, according to Al-Rai daily.
For years, drilling activities in this region have been on hold due to technical and geopolitical hurdles.
The Caspian Basin is a goldmine of energy resources, with numerous nations engaged in exploration and production. Let's take a closer look at the current oil and gas reserves in this basin:
Iran has identified five exploration blocks in the Caspian Sea that span approximately 11,625 square kilometers. These blocks are believed to contain around 191.8 billion barrels of oil and 738 trillion cubic feet of gas, making them a significant untapped resource for Iran, which, interestingly, currently lacks offshore oil and gas production.
Azerbaijan, on the other hand, has been a big player, producing around 580,000 barrels of oil per day and approximately 50 billion cubic meters of gas annually. The Absheron gas field, one of the largest offshore gas fields in the Caspian, has partnerships with notable companies like ADNOC and TotalEnergies.
Kazakhstan is another major player, producing around 350,000 barrels of oil per day and inviting foreign investment, including ADNOC, into its offshore fields.
Turkmenistan is known for its extensive natural gas reserves, producing less oil but playing a crucial role in gas production and export. Plans are underway for Turkmenistan to export gas to Turkey via a Caspian pipeline within the next five years.
Russia produces smaller amounts of oil and gas from the Caspian, with an annual gas production of about 1.5 billion cubic meters.
Several countries, including Iran, Azerbaijan, Kazakhstan, Turkmenistan, and Russia, are actively engaged in the exploration and drilling efforts in the Caspian Basin. Arab countries, such as ADNOC from the UAE, are heavily investing in the Caspian region, particularly in Azerbaijan and potentially in Kazakhstan.
In conclusion, the Caspian Basin is a rich reserve of oil and gas, and various nations are gearing up to develop these resources for the betterment of regional and global energy supplies. The resumption of exploratory drilling by Iran is a significant step in this direction.
- Iran's Oil Minister, Javad Owji, has announced the resumption of exploratory drilling in the Caspian Sea, a region filled with oil and gas treasure troves.
- This directive is part of Iran's ambitious plan to harness the untapped energy wealth of the Caspian Basin, a goldmine of energy resources for multiple nations.
- The finance industry is closely monitoring the oil-and-gas industry's activities in the Caspian Basin, as numerous nations, including Iran, Azerbaijan, Kazakhstan, Turkmenistan, and Russia, are actively engaged in exploration and production.
- Arab countries, such as ADNOC from the UAE, are heavily investing in the Caspian region, particularly in Azerbaijan and potentially in Kazakhstan, reflecting the significant potential of this energy-rich basin.
