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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: DRRISK who wrote (8561)	5/7/1998 8:50:00 AM
From: DRRISK	Read Replies (1) \| Respond to of 11888

From Yahoo Board: U.S. Experts Maintain Caspian Oil Reserves are Huge WASHINGTON -- (RFE/RL) U.S. Energy Department experts say they are skeptical of a recent British report suggesting that Caspian oil reserves may be dramatically lower than commonly accepted estimates. Speaking on the condition of remaining anonymous, the experts maintain that the U.S. has firm evidence that the Caspian Sea region is one of the world's most promising sources of oil and gas, roughly comparable to what lies under the sands of Saudi Arabia. American experts in and out of the government strongly doubt the report last week by the respected "Strategic Survey," published annually by the London-based International Institute for Strategic Studies. It argued that the American estimate inflated the figure of Caspian oil reserves dramatically, by a factor of up to eight. Some of the Americans go as far as suggesting that the report might have been motivated by a desire to discourage potential investors in further oil exploration and pipeline construction in the region. But one American academic expert suggests that the London report is simply erroneous, with the authors confusing U.S. estimates for proven reserves, which are between 20 and 36 million barrels, with potential reserves, which may be up to 200 million barrels. "We know what we are talking about," the expert said. "We do have some specific knowledge to start with. I wonder where those London people went for their facts." The U.S. Energy Department has estimated the Caspian region's potential recoverable oil reserves as up to 200 billion barrels, or about 16 percent of the world's reserves. To transport the oil (and gas) to Western markets, the U.S. supports multiple pipelines, including a Eurasian link, running under the Caspian from Turkmenistan, then from Baku, Azerbaijan, to the Mediterranean port of Ceyhan, Turkey. That pipeline project, which the U.S. says would avoid sending more oil through the already clogged Bosporus straits, could take ten years to complete. Turkmenistan President Saparmurat Niyazov last week signed an agreement with the U.S. to fund a feasibility study of the potential route. DrRisk