The Caspian region holds substantial oil reserves, which are larger then the reserves of the North Sea or the US. However, most of these reserves are landlocked and need transit to access international markets. In addition, oil transported to the Black Sea then has to pass the increasingly congested Turkish Straits and add to the risks linked to tanker traffic through this highly frequented waterway.
Several pipeline projects are under consideration to bring Caspian oil to international markets. This report is a detailed review of various oil production scenarios for the Caspian region and their comparison with the export capacity that would be created by various pipeline projects in the Caspian and Black Sea regions.
The report was prepared by Baurzhan Valiyev, during his secondment from KazMunayGas to the Energy Charter Secretariat from May 2007 to April 2008, under the supervision of Ralf Dickel.