Elizabeth, hello.
I may be able to shed some light on your query. I am a petroleum engineer working for a multi-national integrated oil company. I spent 2 years in Kazakhstan a number of years ago, moving in rigs to work over a large, well-established field which was hit hard by the transition from Soviet to Kazakh stewardship.
There is tremendous mineral wealth in this country, not just oil wealth. Typically, the Soviets would drill a structure, make a discovery (i.e., a blow out), then move on the the next structure. The Kazakh economy for the past few years has been one desperate for western cash flow, and their willingness to accommodate with attractive deals has been well utilized by western companies.
The Caspian is characterized by a very challenging drilling environment, and so has been largely untested, except for the relatively easy plays in Azerbaijan and N. Iran. The middle and northern Caspian has been largely ignored because of shallow water depths and pack ice, i.e. difficult logistics and a short drilling season.
These are huge structures, in known oil-bearing strata, hence the push for exploration. The glut we are in right now pales in the bigger picture when the play's first production is 5-10 years down the 'pike.
Look for continued rapproachment between the US and Iran, in "catch-up" mode behind the rest of the west. I would not be surprised to see drilling within 2 years.
Regards,
Aggie
ps - what was the show you speak of? |
