Low oil prices squeeze Caspian Sea projects

Caspian Region Oil And Gas Production [96,916 bytes] Investment in Caspian Sea oil and gas projects is likely to be delayed by low oil prices, but the region is still set to become a significant producer. This was the message presented at a London conference on Feb. 18 by Robert Priddle, executive director of the International Energy Agency. Priddle noted that, while recent disappointing Caspian Sea drilling results have inspired talk of downgrading reserves estimates for the region, "Keep in mind, however, that many dry holes were drilled in the North Sea." IEA reserves estimates for the Caspian Sea region, defined as Azerbaijan, Kaz...

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