IRAN - The Caspian.An exploration team led by Lasmo (now part of ENI) and Shell, in partnership with Veba of Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). and NIOC's Caspian unit Khazar Khazar Any member of a confederation of Turkic-speaking tribes that established a commercial empire in European Russia in the late 6th century. A people of the northern Caucasus region, the Khazars allied with the Byzantines against the Persians in the 7th century and warred E&P Co. (Kepco), in mid- mid- pref. Middle: midbrain. 2000 found there were up to 3 bn barrels of recoverable oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally under Iran's share of the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. . Deputy Oil Minister Mehdi Mir-Moezzi said in Aug: "Preliminary seismic studies show that we have 10 bn barrels of in-place oil in our 20% (Iran's share) of the Caspian Sea, of which 2.5 to 3 bn barrels are recoverable". The estimate was derived from a 10,000 km 2D seismic survey of the area done in 1999 by Lasmo and Shell and interpretation was completed in mid-2000. Under their deal, Lasmo, Shell and Veba have exclusive rights over two blocks in the Iranian sector of the sea. They also have first refusal on four more blocks. They will negotiate a development contract as soon as they confirm a commercial oil discovery. However, part of the Iranian survey area lies in disputed waters claimed by Azerbaijan and Turkmenistan. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion