Print this pageAbstract: Caspian Sea Region
Hydrocarbon Development: 
Opportunities
and Challenges
LEONARD, RAY C. and DENISE
M. STONE
The Caspian Sea Region
today is at the threshold of an exciting new phase of energy development.
Today, independent republics control the management and growth of Caspian
resources. Great opportunity exists to create economic wealth along the
energy value chain; exploration, production, marketing and transportation.
Realizing this wealth will require international cooperation, thoughtful
application of technology and spending plans that meet investor requirements.
The Caspian ranks eighth in
world areas in terms of proven reserves and an impressive third after the
Middle East and Russia, in terms of worldwide undiscovered resource potential.
Several issues need to be resolved for Caspian resource development to
occur. In addition to the legal, financial, economic, and technical project
requirements, determining the ownership of offshore resources and managing
the fragile Caspian Sea environment are critical.
In the Caspian, construction
of multiple offshore pipelines is required to significantly increase production,
meet market demand and monetize the resources
. Seven Caspian export pipeline
options are presented here for consideration. Each has a unique set of
advantages and risks to the investor. For any one or more of these routes
to become a reality, key investment drivers are required. These are significant
reserves, international cooperation, profitability and market. The Caspian
area is poised for a major upturn in production and growth.
AAPG Search and Discovery Article #90942©1997 AAPG International Conference and Exhibition, Vienna, Austria