Thought
to be the oldest oil-producing region in the world, it is
unsurprising that
“Today,
offshore Caspian has become one of the world's leading hydrocarbon
provinces”.
Just
120km off the coast of Azerbaijan, the Azeri-Chirag-Gunashli (ACG)
field contains 5.4 billion barrels of recoverable oil.
In January 2012, Azerbaijan was estimated to hold proven crude oil
reserves of around 7 billion barrels and 30 trillion cubic feet of
natural gas as of January 2011.
Regional
investment of pipelines and the offshore oil and gas fields has led
to economic and social development
across the region. Yet, not
only are there clear socio-economic benefits, but political
advantages too. The region's energy potential has resulted in
increased co-operation between the Caspian nations. From Ukraine and
Azerbaijan, Azerbaijan and Russia and Turkey and Azerbaijan,
political ties are being strengthened.
International
investors have been quick to note the region's potential. BP has
major investments in the Caspian and is part of the AIOC (Azerbaijan
International Operating Company).
“The
total amount of foreign capital in Azerbaijan in direct investments
hit $1.4 billion in
January-March 2013. The share of the oil and gas sector stood at 83.2
percent.”
In
the same period,
“In
January-March 2013, Azerbaijan exported $7.4 billion worth of
petroleum products. The share of refined oil products totalled $0.4
billion, while oil exported by the country was worth $7 billion.”
Azerbaijan
is not the only nation to exploits its rich resources. Its neighbours
have followed suit. By 30 June this year, Turkmenistan, which holds
the world's fourth largest natural gas reserves, hopes to begin
production at the second-largest gas field worldwide, Galkynysh.
Cline & Associates estimates Galkynysh reserves to hold between
13.1 trillion to 21.2 trillion cubic metres. If successful,
Turkmenistan's increased exports would help Europe to lesson its
energy dependence on Russia.
These
matters and much more will be discussed in the 3-day Azerbaijan and Caspian
Sea Oil & Gas Week 2013. This Summit aims to bring together some
of the world's leading industry players to discover the latest
investment opportunities and strengthen industry ties.
Delegates will include Energy ministers, senior Oil and Gas company
representatives, Contractors, Service Companies and
Solution-providers, and is therefore an event not to be missed.
Speakers will be addressing the Caspian energy industry's most
topical issues, including: Current Pipeline and Infrastructure
Projects, Future Gas Storage and Pipeline Projects, Exploration and
Production Developments in the Shah Deniz Field and Underwater and
Deep-Sea Technology Focus as well as a series of Case studies.
Furthermore,
delegates will have the chance to attend a Multi-Streamed Conference,
Networking Evening, and 40 booth interactive exhibition, all in the
comfort of the five-star venue in Baku. A Business Match-Making
Service will also be on offer to arrange one-on-one meetings between
delegates.
Christian
Giudicelli,
General Manager, Total E&P Azerbaijan; Okan
Yardimci,
Energy Expert, Energy Market Regulatory Authority Turkey (EMRA);
Gulmira
Rzayeva,
Leading Research Fellow, Energy Related Issues, Center for Strategic
Studies under the President of the Republic of Azerbaijan;
Vadim Ceban,
Interim Head of Energy Department, The Ministry of Economy Commerce
(Moldova) and a Senior
Representative,
European Bank of Reconstruction & Development (Azerbaijan), are
just some of the industry experts that will be speaking at the event.
For
further information just click
here:http://www.azerbaijansummit.com/
References:
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