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Finance & Accounting
Pages 5 (1255 words)
The Caspian Oilfields Development Project Name Institution Date Project description Assessment Task The Caspian Sea region has the potential to export oil and natural gas to Europe, South Asia, and East Asian. With rising gas and oil prices and growing worldwide demand for oil and natural gas, Caspian region countries including Russia, Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan, and Iran are developing several measures for improving exports of oil and natural gas.
SOCAR also acts as the major rights holder in the oil and gas industry. It also acts as a government mean to control the oil and gas sector in the state of Azerbaijani. Oil exploration in the Caspian sea began in the year 1992 when the Kazakhstan government announced an oil exploration project in the Caspian sea. The Caspian Oilfields Development Project has an oil exploration scope of operation in the whole of the Azerbaijan state. The area under the project is broken down into oil fields all of which are controlled by the government through the SOCAR. The oil fields include Chirag Oil Project (COP), Azeri-Chirag-Guneshli (ACG) field, West Azeri, East Azeri, Deep water Gunashli, Baku-Tbilisi-Ceyhan (BTC), Shah Deniz, and South Caucacus Pipeline and Itochu Oil Exploration (Azerbaijan). Most of the oil fields are based in the sea region. This crude oil pipeline stretches 1,768km in length from Baku in Azerbaijan to Ceyhan, Turkey on the coast of the Mediterranean Sea by way of Tbilisi, Georgia and can handle 1.2 million barrels of oil per day. The project has a direct and immediate control of the Caspian Sea where there have been oil discoveries. ...
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