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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (166448)5/17/2002 11:59:26 AM
From: Haim R. Branisteanu  Read Replies (1) of 436258
 
Russia may become the Energy Swing Power - Caspian To Yield its Wealth, to Some
17 May 2002

Russian President Vladimir Putin and his Kazakh counterpart, Nursultan Nazarbayev, signed an agreement May 13 to equally split three petroleum deposits that straddle their common Caspian Sea border. The next day, the Azerbaijani parliament ratified a deal with Russia that formally delimits Azerbaijan's own maritime border in the Caspian.

Taken together, the two events open the door to full exploitation of the northern half of the Caspian Sea. Even pessimists estimate that the Caspian Basin holds at least as much petroleum as the North Sea fields that have powered Europe during the past generation.

In the decade since the Soviet collapse, petroleum development in the Caspian has stagnated, since none of the five littoral states could decide who owned what. Until ownership issues were resolved, any talk of foreign investment was moot. The most recent Caspian summit, which collapsed without results April 25, made it clear that Iran would not budge from its demand for a full one-fifth of the Caspian riches, despite holding only 11 percent of the shoreline.

Tehran's adamance steeled the leaders of Azerbaijan, Kazakhstan and Russia to work out deals among themselves in order to get down to the business of profiting from the sea's petroleum deposits. With the legal issues now largely out of the way, the three states -- which share contiguous portions of the sea -- can begin developing their respective sectors in earnest.

stratfor.com
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