Caspian region to be more important in global hydrocarbons supply: European Commission
Nov. 6. Trend Capital
The Caspian region is already a source of oil and gas supply to European markets and is emerging as a major source of growth in global oil and gas supply, the European Commission’s report on the Caspian region and Central Asia says.
The Caspian region and Central Asia is rich in energy resources, mostly still untapped, and primarily located in Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan, the report says.
According to BP, in early 2009, Azerbaijan’s proven gas reserves amounted to 1.2 trillion cubic meters, Kazakhstan – 1.82 trillion cubic meters, Turkmenistan – 7,94 trillion and Uzbekistan – 1.58 trillion cubic meters.
Azerbaijan’s proven oil reserves for early 2009 amounted to $ 7 billion barrels and Kazakhstan – 39.8 billion barrels, BP reported.
According to the IEA’s medium term projection for global oil supply to 2013, the Caspian region and Central Asia is projected to increase its oil production by over 800 kb/d by 2013, representing some 70% of the net increase in non-OPEC oil supply growth during this period, the report says.
Likewise for natural gas, the region has the potential to make a significant contribution to the global gas balance.
“The EU and its partners in the Caspian region and Central Asia have a mutual interest, as consumers, producers and transit States, in ensuring a stable and predictable framework for the flow of energy, including through the modernization of existing and the establishment of new energy infrastructures,” the report says.
In 2008, 27 EU countries imported hydrocarbons in the amount of €10.44 billion from Azerbaijan.