05.07.2009

Caspian Sea is an area including the Sea’s littoral states of Azerbaijan, Kazakhstan and Turkmenistan, as well as parts of Russia and Iran. Uzbekistan, although not a littoral state, is the region’s largest natural gas producer and is therefore included in the region. The countries of the Caspian Sea region are relatively minor world oil and natural gas producers, struggling with difficult economic and political transitions following the collapse of the Soviet Union. The Caspian Sea region, including the Sea and the states surrounding it, however is important to world energy markets because of its potential to become a major oil and natural gas exporter over the next decade. Indeed, the Caspian Sea region has become a central focal point for untapped oil and natural gas resources from the southern portion of the former Soviet Union. Beginning in May 2005, oil from the southern sections of the Caspian Sea began pumping through a new pipeline (built by a BP-led consortium) to the Turkish seaport of Ceyhan. The 8-year effort of Western capital, technology, and diplomacy had aimed to decrease reliance on Middle Eastern oil. Although oil reserve growth in the Caspian region has not met levels that had been expected in the 1990s, European countries are paying special attention to the natural gas resources that could lie beneath the Sea as a way to diversify their sources of gas imports

Used in oil wells to reinforce the borehole. Sometimes several casings are used, one inside the other. The outer casing, called the “surface pipe,’ shuts out water and serves as a foundation for subsequent drilling

Russia, Iran and Qatar, the three largest gas exporting countries, have stated that they will examine the option of setting up a cartel of gas exporting countries similar to OPEC, although analysts predict that this will not have a significant impact on the global gas sector. According to estimations these three countries hold about 55% of global natural gas reserves: 25% in Russia, 16% in Iran and the rest in Qatar. Experts say there is little substance in modeling a gas cartel on OPEC because natural gas contracts are often signed over the long term and differ significantly in exporting methods and prices from country to country. On 24th December 2008 the 15 largest natural gas exporting countries signed a charter to coordinate their forecasts, investments and links with consumers in order to safeguard their interests in light of the continuing fluctuations in the price of energy. The group’s office will be initially set up in Doha, Qatar.

A colorless, odorless gas formed when carbon in fuel is not burned completely. Motor vehicle exhaust is a major contributor to nationwide CO emissions, followed by nonroad engines and vehicles. CO interferes with the blood’s ability to carry oxygen to the body’s tissues and results in numerous adverse health effects

Non-toxic, naturally occurring gas. Also a byproduct of burning fossil fuels. One of the greenhouse gases that affects the Earth’s temperature

In the energy industry, this refers to the practice of granting special treatment to large or desirable customers at the expense of small or undesirable customers. In the energy industry, small customers often combat cherry-picking by aggregating themselves into a single large customer

Operates one-way and prevents the reverse flow of oil. Check valves are designed to be held open by flowing oil and to drop closed automatically when oil flow stops or is reversed