The Caspian region may be one of the oldest producing areas in the world, but it still continues to be an important source of global energy. Total reserves in the region have been estimated to be 48bn barrels of oil and 292tn cf of natural gas. The opportunities for companies have varied as the Caspian littoral states (three of which have only been independent countries since 1991) have taken divergent approaches to developing their energy resources. Key has been the extent to which direct state control over resources should be retained. Take the Kazakhstan example. From the beginning, Kazakhstan has partnered with foreign companies to develop its oil and gas reserves, expanding production from the Soviet-era level of around 500,000 b/d to 1.6bn b/d in 2013. The discovery of further reserves and the successful exploiting of existing fields, including brownfield sites, could provide yet more opportunities for companies.
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